The major aspects of liberalization in India were: 1. Abolition of licensing, 2. Liberalization of Foreign Investment, 3. Relaxation of Locational Restrictions, 4. Liberalization o... The major aspects of liberalization in India were: 1. Abolition of licensing, 2. Liberalization of Foreign Investment, 3. Relaxation of Locational Restrictions, 4. Liberalization of Foreign Technology imports, 5. Phased Manufacturing Programmes, 6. Public Sector Reforms, 7. MRTP Act.
Understand the Problem
The question is asking for the key aspects of liberalization in India as outlined in the Industrial Policy of 1991. This involves summarizing the main points listed regarding the abolition of licensing, foreign investment, locational restrictions, technology imports, manufacturing programs, public sector reforms, and changes to the MRTP Act.
Answer
Abolition of licensing, Liberalization of Foreign Investment, Relaxation of Locational Restrictions, Liberalization of Foreign Technology imports, Phased Manufacturing Programmes, Public Sector Reforms, and MRTP Act.
The final answer includes: Abolition of licensing, Liberalization of Foreign Investment, Relaxation of Locational Restrictions, Liberalization of Foreign Technology imports, Phased Manufacturing Programmes, Public Sector Reforms, and MRTP Act.
Answer for screen readers
The final answer includes: Abolition of licensing, Liberalization of Foreign Investment, Relaxation of Locational Restrictions, Liberalization of Foreign Technology imports, Phased Manufacturing Programmes, Public Sector Reforms, and MRTP Act.
More Information
These measures were part of the comprehensive economic reforms initiated in 1991 to foster a more competitive and globally integrated Indian economy.
Tips
A common mistake is to include aspects that are tangentially related to liberalization but not central to the major changes, like specific sectoral changes or more granular fiscal policies.
Sources
- Economic liberalisation in India - Wikipedia - en.wikipedia.org
- A major policy reform, substantially deregulating the industrial sector - indiabudget.gov.in
- India in the 1980s and 1990s: A Triumph of Reforms - imf.org
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