Which policy has helped in increasing the efficiency of various economic sectors
in India
Answers
Explanation:
The New Industrial Policy established in 1991 sought substantially to deregulate industry so as to promote growth of a more efficient and competitive industrial economy. The central elements of industrial policy reforms were as follows: Industrial licensing was abolished for all projects except in 18 industries.
Answer:
The economy of India is characterised as a middle income developing market economy.[40][41][42] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).[43] According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 124th by GDP (PPP) in 2020.[44] From independence in 1947 until 1991, successive governments promoted protectionist economic policies with extensive state intervention and regulation which is characterised as Dirigism.[45][46] The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad program of economic liberalisation.[47][48] Since the start of the 21st century, annual average GDP growth has been 6% to 7%,[42] and from 2014 to 2018, India was the world's fastest growing major economy, surpassing China.[49][50] Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century.[51][52][53