Question

Briefly discuss the major economic reforms introduced by the post -1947 Governments in the state
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Answer 1

Explanation:

Economic Reforms in India

It was during Narasimha Rao’s government in 1991, that India met with the economic crisis which occurred due to its external debt. Due to debt, the government was not able to make the payments for the borrowings it had made from the foreign countries.

As a result, the government had to adopt new measures to reform the conditions of the Indian economy. There were many programs and initiatives introduced primarily consisted of liberalization, privatization, and globalization.