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difference between technological and institutional reforms...
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Answers
Institutional reforms refer to reforms in basic economic policy nd d way the overall economy is organized. An eg of institutional reform is the process of liberalization that was launched in India in 1991. Till then, economic policy in India favoured the public sector at the expense of the private sector. The Indian economy was relatively closed in the sense that it did not encourage too much interaction with the outside world in the form of trade and investment. The 1991 reforms led to greater privatization and liberalization in India.
Technological reform is more specific and refers to the way some specific economic activity in carried out. For eg, till the 1960s, India's agricultural production was still carried out through age old methods. From the mid-1960s, the green revolution led to major technological reforms in Indian agriculture. There was greater use of modern technology in the form of high yielding varieties of seeds, fertilizers and mechanical equipment.