He removed the restrictions on foreign investments. He restricted the licence system to 18 industries . In view of increasing losses in the public sector industries, he opened up the public sector for investment by private industries. In order to bring the share market under control , he established the Securities and Exchange Board of India ( SEBI) . National Stock Exchange was computerised . He gave priority to remove the spectre of recession who is he?
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He was the former Indian prime minister P.V. Narsimha Rao. Many historical steps were taken during his tenure that saved India from economic collapse.
- In 1991, he adopted the new economic policy called LPG policy which stands for Liberalisation, Privatisation and Globalisation.
- Licence raj was removed after the implementation of the LPG policy. Now, the license permit is restricted to 18 industries only. Due to this, markets became liberal and it's called liberalisation.
- As public sector undertakings were facing huge losses, he opened up these industries for investment by private entities. This is called privatisation.
- Before 1991, investment by foreign companies was restricted in India. But after 1991, restrictions on foreign investments were removed. Now, Indian markets can compete with foreign markets.
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