Question

Discuss briefly any two major steps taken by the Government of India on ‘Financial Sector’ front under the Economic Reforms of 1991. ​

Answer 1

Answer:

Many steps have been taken to attract foreign investment. Some of these are as follows: ... (a) In 1991, 51% of foreign investment in 34 high priority industries was allowed without seeking government permission. (b) Non-Resident Indians (NRIs) were allowed to invest 100% in the export houses, hospitals, hotels, etc.

Explanation:

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Answer 2

Answer:

The two major steps taken by the government of india on financial sector front are:

(i) one of the major aims of financial sector reforms is to transform the role of RBI from regulator to facilitator of financial sector. this means that greater autonomy may be granted to financial sector in taking decision on various matters without consulting RBI. The reforms policies led to establishment of private sector banks.

(ii) Banks have been given freedom to setup new branches. Banks have also been given permission to generate resources from India and abroad through capital market.

Explanation:

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