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ECONOMIC REFORMS

In which year did India initiate the landmark economic reforms under the New Economic Policy?
India launched its landmark economic reforms in 1991 under the New Economic Policy, driven by a severe balance of payments crisis and IMF conditionalities.
What was the Balance of Payments crisis India faced in 1991 that necessitated economic reforms?
India's foreign exchange reserves fell to just two weeks of import cover.
What were the three pillars of India's 1991 economic reforms?
The three pillars were Liberalisation (removing controls), Privatisation (reducing state ownership), and Globalisation (integrating with the world economy), collectively known as LPG reforms.
What was the IMF conditionality attached to the emergency loan India received in 1991?
India had to pledge gold and implement structural adjustment reforms.
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