Mains Paper II · 1 Indian Economy · APPSC Group 2
1.5 Economic reforms since 1991 notes
4 notes, in reading order.
- 1.5.1The 1991 balance of payments crisis and stabilisation
In mid-1991 India nearly ran out of foreign exchange, took IMF and World Bank support, and used the crisis to begin the stabilisation and structural reforms that ended the licence-permit regime.
Advanced · 6 min · Full course - 1.5.2LPG reforms: liberalisation, privatisation and globalisation – an assessment
The New Economic Policy of 1991 opened India through liberalisation (fewer controls), privatisation (a smaller role for the State) and globalisation (integration with world markets), which raised growth but left gaps in jobs, agriculture and equity.
Advanced · 6 min · Full course - 1.5.3New Industrial Policy 1991: delicensing, public sector reservation and MRTP to the Competition Act
The industrial policies of 1948 and 1956 built a licensed, public-sector-led industrial order, and the Statement on Industrial Policy of July 1991 dismantled it by delicensing, cutting public sector reservation and replacing the MRTP regime with competition law.
Advanced · 6 min · Full course - 1.5.4Public sector reform: Ratna status, disinvestment and the National Monetisation Pipeline
Since 1991 the Government has given its best public sector companies more autonomy (Ratna status), sold equity (disinvestment) and, more recently, leased out assets without selling them (National Monetisation Pipeline).
Advanced · 8 min · Full course
Practise Economic reforms since 1991. Questions with answers explained, from the same topics.
Medha AI is an independent preparation service. It is not affiliated with, endorsed by or connected to APPSC, TSPSC, MPSC, UPSC or any other commission or government body.