Question

what was the far reaching changes in the policy made in india in1991​

Answer 1

Answer:

The economy was declining due to problems of foreign exchange, more imports and less exports. The New Industrial Policy was introduced in 1991 to liberate the industry from the difficulties of licensing system, reduce the role of public sector and encourage foreign participation in India's industrial development.

The seven important features of new economic policies under economic reforms are (1) Liberalisation, (2) Privatisation, (3) Globalisation of the Economy, (4) New Public Sector Policy, (5) Modernisation, (6) Financial Reforms, and (7) Fiscal Reforms.