Question

Explain the new economic reforms.

Answer 1

New economic reforms in India refers to the neo-liberal polices introduced by the government in 1991 and in the later years. The central point of the reforms was liberalization of the economy, simplifying regulations, giving more role to the private sector and opening up of the economy to competition. New industrial policy of 1991 is the heart of the new economic reforms. The philosophy of the new economic policy was enhancing competition based upon more market orientation. During the last twenty-five years, the economic reform has produced significant impact on the economy- mostly positive. Following are the main features of New Economic Reforms.

Answer 2

Answer

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Economic Reform :-

Since 1991, the Government of India has been introduced economic reforms with greater emphasis on the expansion of private sector as a result government invested had declined in the public sector this has also resulted in following employment opportunities in public sector.

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•(The sector controlled by the government)

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Additional Information :-

The IRDP was launched by the government of India during 1978 and it was implemented during 1980.

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