Question

What major economic decisions are taken by the government?

Answer 1

The three main aspects of the economic reforms in India are: Liberalization – where the government changed several economic policies to create an environment of freedom for economic decision-making. Privatization – the government had reserved 17 industries for the public sector.

Answer 2

The government takes the major decisions regarding the economic policies for the country. It could be the liberalization of trade, an increase in foreign investment and FDI, deregulation of markets, decreasing the tariffs and other import taxes, and other aspects of reforms.

Explanation:

• The liberalization of economic policies have led to the globalization of Indian trade which has led to major investments by the important Multi-national companies in India.

• The government uses the mode of economic policies for controlling and influencing the behaviour of the economy.  

• It could be in terms of government spending, taxes levied by the government, increase or decrease of supply of money through the fiscal policy and monetary policy in the economy and more.  

• They control the process of products and commodities that affect the people of the country.

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