Which of the following is the reason for changes in economic policy in 1991 in india.
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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.
Explanation:New Economic Policy refers to economic liberalisation or relaxation in the import tariffs, deregulation of markets or opening the markets for private and foreign players, and reduction of taxes to expand the economic wings of the country.
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