Economic Reforms Part 1 Unit 7
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — Bank Promotions.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What year marked the beginning of India's major economic reforms?
India launched its landmark economic reforms in 1991, triggered by a severe balance of payments crisis and near-depletion of foreign exchange reserves.
What is the 'New Economic Policy' (NEP) introduced in India in 1991?
Reform package of LPG: Liberalisation, Privatisation, and Globalisation.
Which policy framework guided India's economic reforms of 1991?
The New Economic Policy (NEP) of 1991 guided the reforms, comprising three pillars: Liberalisation, Privatisation, and Globalisation (LPG).
Which Finance Minister presented India's landmark 1991 reform budget?
Dr. Manmohan Singh presented the 1991 reform budget.
What was the immediate trigger for India's 1991 economic crisis?
India's foreign exchange reserves fell to less than two weeks of import cover in 1991, forcing the government to pledge gold with the IMF and Bank of England to avert default.
What is 'Deregulation' in the context of economic reforms?
Removal of government controls and regulations over industries.
What does 'Liberalisation' mean in the context of India's economic reforms?
Liberalisation refers to the removal of licensing controls, relaxation of regulations, and reduction of government intervention to allow market forces to operate more freely.
What does 'MRTP Act' stand for and why was it diluted in 1991?
Monopolies and Restrictive Trade Practices Act; diluted to encourage competition.
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