Question

what do you mean by economic reforms grade 10​

Answer 1

Answer:

Meaning of Economic Reforms

Economic Reforms refer to the fundamental changes that were launched in 1991 with the plan of liberalising the economy and for quickening its rate of economic growth. ... The essential features of the economic reforms are – Liberalisation, Privatisation and Globalisation, commonly known as LPG.

Explanation:

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Answer 2

Answer-

"Economic reform" usually refers to deregulation, or at times to reduction in the size of government, to remove distortions caused by regulations or the presence of government, rather than new or increased regulations or government programs to reduce distortions caused by market failure. As such, these reform policies are in the tradition of laissez faire, emphasizing the distortions caused by government, rather than in ordoliberalism, which emphasizes the need for state regulation to maximize efficiency.