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Which of the following is not a part of new economic reforms?
- a)Liberalization
- b)Globalization
- c)Privatization
- d)Centralization
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Which of the following is not a part of new economic reforms?a)Liberal...
The correct answer is Centralization.
Key Points
- Indian economy experienced an economic crisis in 1991.
- The foreign currency assets declinedto such an extent that it was barely enough to finance two weeks of imports.
- The annualrate of inflationreached16.7%in August1991.
- The government expenditure was greater than its revenue due to defence expenditure, subsidies, interest on loans, etc.
- The positive effects of the socialistic pattern of society were on the verge of decline.
- On this ground, it was necessary to bring new changes to the economy. Hence, the Government of India adopted a New Economic Policy (NEP) in 1991.
- It is also known as LPGi.e.
- Liberalization
- Privatization
- Globalization.
- The process of new economic policy which started in 1985 got momentum in 1991.
Additional Information
Liberalization
:- Liberalization refers to 'economic freedom' or 'freedom for economic decision'.
- It means producers, consumers, and owners of factors of production, are free to take the decision to promote their self-interest.
- Indian government accepted policies suggested by the IMF for economic liberalization.
- Macroeconomic Stabilisation:
- Inflation control
- Balance of Payment adjustment
- Currency devaluation
- Structural Adjustment Programs:
- Trade and capital inflow reforms
- Industrial reforms
- Tax reforms
- Fiscal reforms
- Monetary and financial reforms
- Privatization
Privatization
: - Privatization means thetransfer of ownership from the public to the private sector.
- It refers to a process that reduces the involvement of the public sector and increases that of the private sector in economic activities.
- Measures:
- Disinvestment
- De-reservation policy
- Establishment of BIFR (Board of Industrial and Financial Reconstruction)
- Creation of National Renewal Board (NRB)
- Navratna Status
Globalization
:- Globalization means integrating the economy of a country with the world economy.
- Measures:
- Removal of quantitative restrictions
- Encouragement to Foreign Capital
- Convertibility of Rupee
- Foreign collaboration
- Long term trade Policy
- Encouragement to Exports
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Which of the following is not a part of new economic reforms?a)Liberalizationb)Globalizationc)Privatizationd)CentralizationCorrect answer is option 'D'. Can you explain this answer?
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