UPPSC-UPPCS Mains- Answer writing practice #60

UPPSC/UPPCS Mains- Answer writing practice

Discuss the component of 1991 economic reforms undertaken. (125 words)

1991 में भारत में किए गए आर्थिक सुधारों के घटक पर चर्चा करें। (125 शब्द)


A balance of payments crisis at the time opened the way for an International Monetary Fund (IMF) program that led to the adoption of a major reform initiative in 1991.

Components
There were three key components of reforms strategy:
· Liberalization: It aimed at withdrawing unnecessary state control by dismantling ‘License Raj’ and giving a high degree of freedom to entrepreneurs. Several initiatives were taken in this direction – dereservation of industries for public sector, abolition of industrial licensing, freedom of productionaccording to the demand etc.
· Privatization: It also induced private control of public enterprises by dis-investment and reducing the stake of government in industrial units. .
· Globalization: It was an outcome of the above two measures, as it liberalised the external sector by allowing partial convertibility of rupee, liberalized imports and opened the economy to foreign capital.

 


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