Question

Explain the economic crisis in detail created in india before new economic policy was adopted. Write it's background in detail.​

Answer 1

Answer:

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India's New Economic Policy of 1991 was a neoliberal Structural Adjustment Program that allowed India to qualify for aid from the World Bank and IMF. In 1990, India faced an economic crisis and was "on the brink of default" on its debts.

The New Economic Policy reintroduced a measure of stability to the economy and allowed the Soviet people to recover from years of war, civil war, and governmental mismanagement. The small businessmen and managers who flourished in this period became known as NEP men.

Lenin characterized the NEP in 1922 as an economic system that would include "a free market and capitalism, both subject to state control,", while socialized state enterprises would operate on "a profit basis". ... Other policies included monetary reform (1922–1924) and the attraction of foreign capital.

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