B Com Exam > B Com Videos > Indian Economy > Industries Policy(Pre 1991) - Sector-wise Trends and Issues, Indian Economy
Industries Policy(Pre 1991) - Sector-wise Trends and Issues, Indian Economy Video Lecture | Indian Economy - B Com
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FAQs on Industries Policy(Pre 1991) - Sector-wise Trends and Issues, Indian Economy Video Lecture - Indian Economy - B Com
| 1. What were the key sectors in the Indian economy before 1991? |  |
Ans. Before 1991, the key sectors in the Indian economy were primarily controlled by the government. These included industries such as steel, coal, petroleum, heavy machinery, telecommunications, and banking.
| 2. What were the trends in the industries policy before 1991? | |
Ans. The industries policy before 1991 focused on protectionism and a highly regulated economy. The government aimed to promote self-reliance and reduce dependency on imports by implementing strict regulations, licensing requirements, and heavy bureaucratic control over industries.
| 3. What were the issues faced by the Indian economy due to the industries policy before 1991? | |
Ans. The industries policy before 1991 led to several issues in the Indian economy. These included low productivity, inefficiency, lack of competition, corruption, and a slow growth rate. The policy also resulted in a limited choice of products for consumers and hindered technological advancements.
| 4. How did the industries policy before 1991 impact the Indian economy? | |
Ans. The industries policy before 1991 had both positive and negative impacts on the Indian economy. On the positive side, it helped in building a strong industrial base and protected domestic industries from foreign competition. However, it also led to a lack of innovation, reduced efficiency, and limited access to global markets.
| 5. What were the major reforms introduced in the industries policy after 1991? | |
Ans. The major reforms introduced in the industries policy after 1991, known as the economic liberalization or the New Economic Policy, included the dismantling of the license raj, reduction of import tariffs, opening up of foreign investment, privatization of state-owned enterprises, and deregulation of several sectors. These reforms aimed to promote competition, attract foreign investment, improve efficiency, and integrate the Indian economy with the global market.
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Nov 22, 2024 Last updated |
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