What Are the Economic Reforms of 1991?
What Are the Economic Reforms of 1991?
Economic reforms of 1991 were aimed at improving the economic condition of India. For this the following steps were taken:
1.Fiscal reforms: Government aimed at reducing the fiscal deficit to 6.5 % of GDP from the existing 8.4%.
2.Reducing the Statutory Liquid Ratio (SLR) and CRR (Cash reserve ratio)
3.Guidelines for opening new private sector banks were provided.
4.Licensing raj was abolished which was a bottleneck in industrial development
5.New Industrial Policy was launched in July 1991
6.SEBI (Securities Exchange Board of India ) was given recognition as the body responsible for trading in securities.
7.Indian economy was opened by LPG policy in order to attract foreign investment.
8.Devaluation of the currency (rupee).
Also read:
- MCQs on Liberalisation
- MCQs on Globalisation
- Advantages of Globalisation
- Objectives of Privatisation
Stay connected with our website for questions and answers from a diverse range of topics of commerce.
Economic reforms of 1991 were aimed at improving the economic condition of India. For this the following steps were taken:
1.Fiscal reforms: Government aimed at reducing the fiscal deficit to 6.5 % of GDP from the existing 8.4%.
2.Reducing the Statutory Liquid Ratio (SLR) and CRR (Cash reserve ratio)
3.Guidelines for opening new private sector banks were provided.
4.Licensing raj was abolished which was a bottleneck in industrial development
5.New Industrial Policy was launched in July 1991
6.SEBI (Securities Exchange Board of India ) was given recognition as the body responsible for trading in securities.
7.Indian economy was opened by LPG policy in order to attract foreign investment.
8.Devaluation of the currency (rupee).
Also read:
- MCQs on Liberalisation
- MCQs on Globalisation
- Advantages of Globalisation
- Objectives of Privatisation
Stay connected with our website for questions and answers from a diverse range of topics of commerce.
