Liberalisation, Privatisation And Globalisation : An Appraisal

  • Question 17
    CBSEENEC11008844

    What was the level of foreign exchange reserves in 1991?

    Solution

    It was just enough to pay for two weeks of imports.

    Question 18
    CBSEENEC11008845

    State the reasons for slow growth of private sector before 1991.

    Solution

    Private sector was subject to a number of restrictions and the licensing policy did not favour the growth of private sector.

    Question 19
    CBSEENEC11008846

    Discuss the industrial policy of 1991. How is it different from earlier policies?

    Solution

    Industrial policy 1991 aimed at privatisation, globalisation and liberalisation of the economy. It is different from previous policies because it assigns more importance to private sector, stressing on delicensing, disinvestment and reduces restrictions on imports.

    Question 20
    CBSEENEC11008847

    What are the main features of economic reforms?

    Solution

    Changes in fiscal, monetary exchange rate and wage income policy and reforms in trade policy, industrial policy, public sector, administed prices and tariff policy.

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