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kktiwari099... from KENDRIYA VIDYALAYA, asked a question
Subject: Social Science , asked on 27/2/12

explain any 3 reasons for introducing new economic policy in 1991?

EXPERT ANSWER

Reecha Upadhyaya , Meritnation Expert added an answer, on 28/2/12

Starting around 1991, some far- reaching changes in policy were made in India called as new economic policies:

  • The government decided that the time had come for Indian producers to compete with producers around the globe.
  •  It felt that competition would improve the performance of producers within the country since they would have to improve their quality. 
  • This decision was supported by powerful international organisations. 

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