Question

What is the need of new economic policy 1991?
Please hurry...

Answer 1

in 1991 , India was going through avery tough time in its economic sector .Most of our foreign reserves were over and there was no good scheme for FDI ,this was due to the socialist view for the economy by the government .

DR manmohan singh was the finance minister of the country at that time ,he estimated all the reserves of the country and said that country will sustain for just 14 days without loans and afterwards it will be bankrupt ,

that is the 1991 economic reform was very important for the country.

I hope it helps....