What are the economics reforms since 1991 and its features?

The Features of New Economic Policy 1991 – Explained

  • Delicencing.
  • Entry to Private Sector.
  • Disinvestment.
  • Liberalisation of Foreign Policy.
  • Liberalisation in Technical Area.
  • Setting up of Foreign Investment Promotion Board (FIPB).
  • Setting up of Small Scale Industries.

What are the economic reforms of 1991?

The three branches of the new economic policy of 1991 were Liberalization, Privatization and Globalization.

What are the main features of economic reforms in India?

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.

What is the economic crisis 1991 in India write its features?

The economic crisis was primarily due to the large and growing fiscal imbalances over the 1980s. During the mid-eighties, India started having the balance of payments problems. Precipitated by the Gulf War, India’s oil import bill swelled, exports slumped, credit dried up, and investors took their money out.

What are the features of economic policy pursued under planning till 1991?

(a) Abolition of licence except in few. (b) No restriction on expansion or contraction of business activities. (c) Freedom in fixing prices. (d) Liberalisation in import and export.

What are the main features of the New Economic Policy?

Here we detail about the seven important features of new economic policies under economic reforms, i.e., (1) Liberalisation, (2) Privatisation, (3) Globalisation of the Economy, (4) New Public Sector Policy, (5) Modernisation, (6) Financial Reforms, and (7) Fiscal Reforms.

What are the main features of economic reforms Class 10?

Which of the following is not a major feature of the 1991 economic reforms?

Panned economy is not the main feature of economic reforms. New economic policy was adopted by the Government of India in the year of 1991. It was based on liberalization, privatization and globalization. It helped to create a more free economy.

What were the features of India’s trade policy after the 1991 economic reforms explain the trends in the BOP of India after the 1991 reforms?

The 1991 policy allowed export houses and trading houses to import a wide range of items. The government also permitted the setting up of trading houses with 51 per cent foreign equity for the purpose of promoting exports. The 1994-95 policy introduced a new category of trading houses called Super Star Trading Houses.