can we say that with the new economic policy 1991 the role of the government has reduced ? justify your answer
Answers
Answer:
Yes
Explanation:
The year 1991 has a special significance in the Indian economy. Many economic measures were introduced to achieve the objectives of new economic policies of the government. The economic reforms aimed at rapid industrialization. For this, the abolition of industrial licensing, allowing foreign investment, encouragement to the private sector and coexistence of public sector and private sector were taken by the government.
The main aspects of economic reforms are as follows
(1) Liberalisation - Liberalisation means movement towards a free market system. Liberalisation otherwise known as withdrawal of regulation and
restrictions for private sectors.Private sectors are encouraged to enter into core industries which are reserved for the public sector
(2) Privatisation - Privatisation generally means transforming all economic activities from public sector to private sector. It also refers to the setting up of private units in public utility services.
(3) Globalisation -Globalisation refers to where a country draws raw materials from any source of the world and manufacture goods and services. The finished goods also find a place in the global market. Thus globalisation is the linkage of nation's markets with global markets.
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Answer:
New Economic Policy refers to economic liberalisation or relaxation in the import tariffs, deregulation of markets or opening the markets for private and foreign players, and reduction of taxes to expand the economic wings of the country.
Former Prime Minister Manmohan Singh is considered to be the father of New Economic Policy (NEP) of India. Manmohan Singh introduced the NEP on July 24,1991.
New Economic Policy (NEP) of India. Manmohan Singh introduced the NEP on July 24,1991.Main Objectives of New Economic Policy – 1991, July 24
Example:-
Economic reforms 1991
The year 1991 has a special significance in the Indian economy. Many economic measures were introduced to achieve the objectives of new economic policies of the government. The economic reforms aimed at rapid industrialization. For this, the abolition of industrial licensing, allowing foreign investment, encouragement to the private sector and coexistence of public sector and private sector were taken by the government.
The main aspects of economic reforms are as follows
(1) Liberalisation - Liberalisation means movement towards a free market system. Liberalisation otherwise known as withdrawal of regulation and
restrictions for private sectors.Private sectors are encouraged to enter into core industries which are reserved for the public sector
(2) Privatisation - Privatisation generally means transforming all economic activities from public sector to private sector. It also refers to the setting up of private units in public utility services.
(3) Globalisation -Globalisation refers to where a country draws raw materials from any source of the world and manufacture goods and services. The finished goods also find a place in the global market. Thus globalisation is the linkage of nation's markets with global markets.