why was there a need for a new economic policy in 1991
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Originally Answered: What were the 1991 economic reforms in India?
On July 24, 1991, India instituted a series of ongoing economic reforms, which is now known as the Economic Liberalization of 1991.
Economic liberalization, in general, refers to a government applying a series of deregulation measures, reducing the amount of government control, allowing foreign capital in, allowing greater privatization, lowering taxes (and other economic barriers), etc to allow room for private players to enter its market. Hence the word "liberalization".
In countries like India and China, the term is used mainly in context of opening up the economy to foreign investments, capital, service providers, etc and allow room for international players to enter its economy
On July 24, 1991, India instituted a series of ongoing economic reforms, which is now known as the Economic Liberalization of 1991.
Economic liberalization, in general, refers to a government applying a series of deregulation measures, reducing the amount of government control, allowing foreign capital in, allowing greater privatization, lowering taxes (and other economic barriers), etc to allow room for private players to enter its market. Hence the word "liberalization".
In countries like India and China, the term is used mainly in context of opening up the economy to foreign investments, capital, service providers, etc and allow room for international players to enter its economy
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