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Liberalisation, Privatisation And Globalisation : An Appraisal

Question
CBSEENEC11008907
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What are the shortcomings of New Economic Policy?

Solution

1. The main criticism of this policy is that it has neglected agriculture sector. It is wrong to think that Indian economy can be developed entirely on the basis of industrialisation.

2. It is said that Indian government has stressed on liberalisation and globalisation under the pressure from international monetary fund and World Bank who are trying to impose their own conditions of lending.

3. More dependence on foreign debt will put India into debt trap.

4. New economic policy has given more importance to foreign technology. The govenrment has allowed the imports of technology. Superior technology is the monopoly of multinationals. It is the capital intensive technology. It will hurt the indegenious know-how.

5. The new policy has encouraged the production of comforts and luxuries. Demonstration effect would multiply the demand of luxury goods.

6. Essential commodities will be in shortage. Unemployment will increase because of new economic policy.

Some More Questions From Liberalisation, Privatisation And Globalisation : An Appraisal Chapter

Before 1991 why did India face a serious balance of payment problem?

What was the main objective of delicensing?

Before 1991, MRTP Act inhibited the growth of industries. How?

State the steps taken by the government towards liberalisation under the New Economic Policy.

What is the meaning of disinvestment of Public Sector Units?

What does foreign direct investinent mean?

What does fiscal deficit indicate?

How did the government promote exports before 1991?

When was new economic policy adopted?

What was the level of foreign exchange reserves in 1991?

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