Question

What are the main features of the economic reforms introduced in 19991 in India?

Answer 1

The main features of the economic reforms introduced in 1991 in India are as follows:

1.Free market economy where foreign countries can make investments in India without any restrictions.

2.Liberalised policy has been introduced towards foreign technology and capital.

3.The Private sectors became more important and started taking over most of the industries which were earlier under the control of public sector.

4.Reforms in Foreign Exchange Management has been done.

5.There has been liberalisation of import licencing which made the market more open and free for foreign investors and companies.