Economic Reforms — Flashcards
Gujarat Board · Class 11 · Economics
20 flashcards for Economic Reforms (Gujarat Board Class 11 Economics) to test yourself on key terms and facts.
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What are Economic Reforms? When were they introduced in India?
Answer
Economic reforms are systematic changes in economic policies to reduce excessive state controls and move from a highly regulated economy to a market-oriented one. They were introduced in India in 1991…
List any four objectives of Economic Policy Reforms since 1991.
Answer
1. Encourage private and foreign investments to utilize India's resources productively 2. Ensure optimum and efficient allocation of national resources 3. Restrict state expenditure and channelize dis…
Define Liberalization and explain its key features.
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Liberalization means increasing freedom of private enterprise by allowing greater play of market forces and reduced state interference. Key features: (1) Gradual decline in state controls (2) Increase…
What replaced MRTP Act and FERA? Explain the significance of these changes.
Answer
MRTP Act (1969) was replaced by Competition Act (2002) - shifted focus from preventing monopolies to reducing unhealthy competition. FERA (1973) was replaced by FEMA (1999) - changed from 'regulating'…
How many sectors are currently reserved for public sector investment in India?
Answer
Only three sectors are currently reserved for exclusive public sector investment: (1) Atomic energy (2) Some minerals related to atomic energy (3) Railways. This is a significant reduction from the pr…
Define Privatization and explain its meaning in the Indian context.
Answer
Privatization is the process of transferring ownership of economic enterprises from public sector to private sector, either partially or fully. In India, it means transferring ownership of government-…
Explain the three ways through which Privatization can take place.
Answer
Privatization can occur through: (1) Disinvestment - selling government shares in public enterprises to private sector (2) Reducing areas reserved for public sector and opening them for private invest…
Distinguish between Complete Disinvestment and Partial Disinvestment.
Answer
Complete Disinvestment: State sells all its shares (100%) in a public enterprise to private sector. Partial Disinvestment: State sells some shares (e.g., 29% or 49%) while retaining control. Minor dis…
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