Flashcards on Indian Economy: Economic Reforms and Liberalization
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What is economic reform?
Economic reform refers to the process of making changes in the economic policies and structure of a country to promote growth and development.
When did economic liberalization in India begin?
Economic liberalization in India began in 1991.
What was the main objective of economic reforms in India?
The main objective of economic reforms in India was to promote economic growth, attract foreign investment, and improve living standards.
Which policy is often credited with initiating economic reforms in India?
The New Economic Policy of 1991 is often credited with initiating economic reforms in India.
What are some key features of economic liberalization in India?
Key features of economic liberalization in India include deregulation, privatization, and opening up of the economy to foreign investment.
What is privatization?
Privatization refers to the transfer of government-owned enterprises to private ownership and control.
What is the significance of economic liberalization in India?
Economic liberalization in India has contributed to rapid economic growth, increased foreign investment, and improved living standards.
Which sector saw significant reforms during economic liberalization in India?
The industrial sector saw significant reforms during economic liberalization in India.
What are some challenges faced during economic reforms in India?
Some challenges faced during economic reforms in India include unemployment, income inequality, and fiscal deficits.
What is the role of foreign direct investment (FDI) in economic liberalization in India?
Foreign direct investment (FDI) plays a crucial role in economic liberalization in India by bringing in capital, technology, and creating employment opportunities.
What is the main aim of economic reforms in India?
The main aim of economic reforms in India is to achieve sustainable and inclusive economic growth.
What are some benefits of economic liberalization in India?
Benefits of economic liberalization in India include increased competition, improved efficiency, and access to global markets.
What is the impact of economic reforms on agriculture in India?
Economic reforms have led to the modernization of agriculture in India through technological advancements and increased private sector participation.
How did economic reforms affect the service sector in India?
Economic reforms led to the growth of the service sector in India, which became a major contributor to the country's GDP.
What is the impact of economic liberalization on the banking sector in India?
Economic liberalization led to the entry of private banks, increased competition, and improved banking services in India.
What are the effects of economic reforms on poverty in India?
Economic reforms have contributed to the reduction of poverty in India by creating employment opportunities and promoting economic growth.