What were the New Economic
policies adopted by
India in 1991
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New Economic Policy of India was launched in the year 1991 under the leadership of P. V. ... Narasimha Rao government reduced the import duties, opened reserved sector for the private players, devalued the Indian currency to increase the export. This is also known as the LPG Model of growth.
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India's New Economic Policy of 1991 was a neoliberal Structural Adjustment Program that allowed India to qualify for aid from the World Bank and IMF. In 1990, India faced an economic crisis and was "on the brink of default" on its debts.
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