What are the features of the New Economic Policy of India?
7 Features of New Economic Policies of India
- Liberalisation: The new economic policy has made provision for liberalizing the economy against unnecessary controls and regulations.
- Globalisation of the Economy:
- New Public Sector Policy:
- Financial Reforms:
- Fiscal Reforms:
What were the 3 main features of the New Economic Policy?
The three principal features of the New Economic Policy are Liberalisation, Privatisation and Globalisation.
What is the economic crisis 1991 in India write its features?
The economic crisis was primarily due to the large and growing fiscal imbalances over the 1980s. During the mid-eighties, India started having the balance of payments problems. Precipitated by the Gulf War, India’s oil import bill swelled, exports slumped, credit dried up, and investors took their money out.
What are the objectives features and impact of New Economic Policy 1991?
Objectives of New Economic Policy 1991. Enter into the field of ‘globalisation’ and make the economy more market-oriented. Reduce the inflation rate and rectify imbalances in payment. Increase the growth rate of the economy and create enough foreign exchange reserves.
What are the features and components of New Economic Policy?
Elements of the New Economic Policy. The three fundamental components or elements of current economic policy are liberalization, privatization, and globalization.
What were the main decisions made in the New Industrial Policy of 1991?
Various steps undertaken by the New Industrial Policy 1991 led to the abolition of industrial licensing, dismantling of price controls, dilution of reservations for small-scale industries and the virtual abolition of the monopolies law, relaxation of restrictions on foreign investment, etc.
What was the main objective of New Economic Policy of 1991?
Which of the following was not the feature of New Economic Policy of 1991?
Panned economy is not the main feature of economic reforms. New economic policy was adopted by the Government of India in the year of 1991.
What are the main changes made in economic policy since 1991?
There was a lowering of tariffs and import taxes, promotion of private investment, an overall lowering of taxes, an increase in foreign investment and FDI, deregulation of markets, etc. Liberalization has been responsible for the economic growth of the country after 1991.
What are the objectives and features of the new Industrial Policy 1991?
New Industrial Policy, 1991. The New Industrial Policy, 1991 had the main objective of providing facilities to market forces and to increase efficiency. The government allowed Domestic firms to import better technology to improve efficiency and to have access to better technology.
What are the main objective of New Economic Policy?
The main objective was to plunge Indian Economy in to the arena of ‘Globalization and to give it a new thrust on market orientation. 3. It intended to move towards higher economic growth rate and to build sufficient foreign exchange reserves.
What are the four main features of industrial policy 1991?
Demerits New Industrial Policy 1991
(ii) The new policy created a market for rich section. (iii) Liberalization of foreign investment upto 51% created the market for the foreign compries and multinational corporation. (iv) The new policy encouraged the policy of privatization in the industrial sectors.
What are the main objective of new industrial policy 1991?
The New Industrial Policy, 1991 had the main objective of providing facilities to market forces and to increase efficiency. The government allowed Domestic firms to import better technology to improve efficiency and to have access to better technology.
What was the main objective of 1991 new economic policy?
Which of the following was a feature of the new industrial policy 1991?
Solution : <b>(a) Abolition of licensing procedures:</b> The NIP has abolished the industrial licensing requirement irrespective of the level of investment in all industries except those 18 industries specified in Annexure II of the ID & R Act (1951).
What is the New Economic Policy of 1991?
The New Economic Policy of 1991 included standard structural adjustment measures including the devaluation of the rupee, increase in interest rates, reduction in public investment and expenditure, reduction in public sector food and fertilizer subsidies, increase in imports, and foreign investment in capital-intensive.
What are the broad features of the Industrial Policy of 1991?
(i) The new policy liberalises the industrial sector from unnecessary control and regulation. (ii) The new policy accelerates industrial growth. (iii) The new policy accelerates industrial production. (iv) The new policy provides an opportunities to the domestic industries to capture the world market.