Liberalisation, Privatisation And Globalisation : An Appraisal

Question 17

What was the level of foreign exchange reserves in 1991?


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

Question 18

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


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

Question 19

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


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

What are the main features of economic reforms?


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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