Question

Write a note on the Industrial development reforms that took place post - 1991.

Answer 1

Instructions:
Your answer must have the following points -

• What was this period known as?
• What were the changes that were brought about?
• What was the impact of these changes?

Solution:

• The period post - 1991 is known as the era of economic liberalisation. This was the period of the tenth and eleventh Five Year Plans which saw a high growth rate of production.
• They were able to bring a huge change in industrial development by abolishing industrial licensing, removing price controls, diluting the reservation of small-scale industries and virtually abolishing the monopoly law.
• All these changes brought in a great influx of foreign investments.