Question

What is the basic purpose of new economy policy

Answer 1

Answer: The thrust of the New Economic Policy has been towards creating a more competitive environment in the economy as a means to improving the productivity and efficiency of the system. This was to be achieved by removing the barriers to entry and the restrictions on the growth of firms.

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Answer 2

The new economic policy was launched in India in the year 1991 with a view to boosting the Indian economy.

Explanation:

• The new economic policy or NEP was launched in the year 1991 to allow the opening up of the Indian economy to international firms.
• The basic purpose of this policy was to improve the economic position of India.
• This policy also boosted the GDP growth of the country and allowed liberalization of the economy.
• The liberalization has been setting up new business with greater ease and fewer restrictions. This supported the business owners.