Liberalisation, Privatisation and Globalisation: An Appraisal
Himachal Pradesh Board · Class 11 · Economics
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What were the main causes of India's economic crisis in 1991?
Answer
1. Declining foreign exchange reserves (sufficient for only a fortnight) 2. Government unable to repay foreign debt 3. Rising inflation and prices of essential goods 4. High fiscal deficit due to over…
Define New Economic Policy (NEP) 1991.
Answer
The New Economic Policy (NEP) was announced in 1991 as a response to the economic crisis. It consisted of wide-ranging economic reforms aimed at creating a more competitive environment by removing bar…
Distinguish between Stabilisation Measures and Structural Reform Measures.
Answer
Stabilisation Measures: - Short-term measures - Correct balance of payments weaknesses - Control inflation - Maintain foreign exchange reserves Structural Reform Measures: - Long-term measures - Impr…
What is Liberalisation and what are its key features in the industrial sector?
Answer
Liberalisation means removing restrictions and opening various sectors of the economy. Key features in industrial sector: 1. Abolition of industrial licensing (except for alcohol, cigarettes, hazardo…
List the main components of Financial Sector Reforms.
Answer
1. Reduced role of RBI from regulator to facilitator 2. Establishment of private sector banks (Indian and foreign) 3. Foreign investment limit in banks raised to 74% 4. Banks given freedom to set up b…
What were the major Tax Reforms introduced post-1991?
Answer
Direct Tax Reforms: - Continuous reduction in individual income tax rates - Gradual reduction in corporation tax rates - Encouraged savings and voluntary disclosure Indirect Tax Reforms: - Introducti…
Explain the Foreign Exchange Reforms implemented in 1991.
Answer
1. Devaluation of rupee against foreign currencies (immediate measure) 2. Increased inflow of foreign exchange 3. Market-determined exchange rates based on demand and supply 4. Reduced government cont…
What are the key features of Trade and Investment Policy Reforms?
Answer
Objectives: - Increase international competitiveness - Attract foreign investment and technology - Promote efficiency and modern technology adoption Key Features: 1. Dismantling quantitative restrict…
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