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Economic Reforms
What were the three broad areas targeted by India's 1991 economic reforms?
The 1991 reforms focused on Liberalisation (reducing government controls), Privatisation (reducing the public sector's role), and Globalisation (integrating India with the world economy), collectively known as LPG reforms.
What was India's foreign exchange reserve position that led to the 1991 crisis?
India had reserves for only two weeks of imports.
Which committee's recommendations triggered the structural adjustment programme in India in 1991?
The Narasimham Committee on Financial Sector Reforms (1991) provided key recommendations, while the broader economic crisis led the government to initiate the New Economic Policy under the guidance of then Finance Minister Dr. Manmohan Singh.
Which year did India adopt the New Economic Policy (NEP)?
India adopted the New Economic Policy in 1991.
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