Podcast
Questions and Answers
India initiated a series of economic reforms to pull the economy out of the crises of 80’s.
India initiated a series of economic reforms to pull the economy out of the crises of 80’s.
False
The New Economic Policy (NEP) consisted of Liberalisation, Privatisation, and Globalisation.
The New Economic Policy (NEP) consisted of Liberalisation, Privatisation, and Globalisation.
True
The policy of Globalisation was replaced by Quotas for the industrialists.
The policy of Globalisation was replaced by Quotas for the industrialists.
False
Deficit in Balance of Payments arises when foreign payments for imports exceed foreign receipts from exports.
Deficit in Balance of Payments arises when foreign payments for imports exceed foreign receipts from exports.
Signup and view all the answers
The government recognized the need for economic reforms due to the efficient management of the public sector.
The government recognized the need for economic reforms due to the efficient management of the public sector.
Signup and view all the answers
Study Notes
India's Economic Reforms
- India implemented economic reforms in the 1980s to address economic crises.
- The New Economic Policy (NEP) consisted of three key components: Liberalisation, Privatisation, and Globalisation.
Key Economic Challenges
- Deficit in Balance of Payments occurs when foreign payments for imports exceed foreign receipts from exports.
Rationale behind Reforms
- The government recognized the need for economic reforms due to inefficient management of the public sector.
Shift in Globalisation Policy
- The policy of Globalisation was later replaced with Quotas for industrialists.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of the economic reforms initiated by the Indian government in 1991 to address the economic crises. Learn about the New Economic Policy and its components.
