ECONOMIC REFORMS
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One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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.
Which Finance Minister and Prime Minister are credited with initiating the 1991 economic reforms in India?
Dr. Manmohan Singh as Finance Minister and P.V. Narasimha Rao as Prime Minister are credited with launching the 1991 economic reforms.
What is the meaning of 'Privatisation' in the context of India's New Economic Policy 1991?
Transfer of ownership of public enterprises to private sector entities.
What was the immediate trigger for India's 1991 economic reforms?
India's foreign exchange reserves fell to just two weeks of import cover in 1991, forcing the government to pledge gold to the IMF and initiate structural reforms.
What is the meaning of 'Globalisation' as a pillar of India's 1991 economic reforms?
Integration of Indian economy with the global economy through trade and investment.
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