Question

why the need for economic reforms arisen in india​

Answer 1

Answer:

Economic reforms led to a sudden glut of major private players. The government-owned companies had to tidy up their act. A pressing reason for the reforms as to ensure that the Indian Banking Sector did not collapse. There were no private banks, and all the people's savings and earnings were put in PSU banks.

Answer 2

Answer:

Policy changes were proposed with regard to technology up-gradation, industrial licensing, removal of restrictions on the private sector, foreign investments and foreign trade. The essential features of the economic reforms are – Liberalisation, Privatisation and Globalisation, commonly known as LPG.