Explain the concept of new economic policy analyseits performance with respect to gross domestic product and Foreign exchange Reserve
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The New Economic Policy (NEP) was an economic reform package introduced in India in 1991. The NEP was designed to liberalize the Indian economy and encourage foreign investment and private enterprise. It was also intended to create jobs, reduce poverty, and raise the standard of living for all Indians.
The NEP has been credited with helping to liberalize the Indian economy and helping to increase the country's Gross Domestic Product (GDP). As of 2018, India's GDP was at $2.73 trillion, making it the sixth-largest economy in the world.
The NEP has also been lauded for helping to increase India's foreign exchange reserves. As of 2019, India's foreign exchange reserves stood at $451.328 billion. This makes India the fifth-largest holder of foreign exchange reserves in the world.
Overall, the New Economic Policy has been successful in helping to liberalize the Indian economy and in increasing the country's GDP and foreign exchange reserves. It has also helped to create jobs and reduce poverty, as well as to raise the standard of living for all Indians.
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