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.
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.
Contact us for:-