Question
Download Solution PDFIn which of the following years was the ‘New Economic Policy’ introduced in India?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 1991.
Key Points
- The New Economic Policy, often referred to as the Economic Liberalisation in India, was introduced in 1991.
- Faced with a major economic crisis, the government of India, led by then Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh, decided to introduce radical changes in India's economic policy.
- The policy aimed at making the Indian economy market-oriented and expanding the role of private and foreign investment.
- Specific changes included reducing import tariffs, decreasing taxes, opening up to foreign investment, and deregulating markets within the country to promote competition.
Additional Information
- 1992: The Securities and Exchange Board of India (SEBI) was given statutory recognition in this year.
- 1992: The Harshad Mehta scam which led to major changes in Indian Stock Market took place this year.
- 1990: The economy was under socialist-inspired policies, regulatory restrictions, and extensive protectionism, which was soon to change in the next year with the introduction of the New Economic Policies.
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