Article contents

Review Article

Critical Review of New Economic Policy on Indian Economy

Authors

  • Saikat Majumdar Department of Health & Family Welfare, Society for Health & Demographic Surveillance (Public Health Research), and Research Scholar, Anthropology, Ranchi University, Old Danglapara, near Moumachi Club, Suri, Birbhum, West Bengal, India Pin 731101

Abstract

India opened up the economy in the early nineties following a major crisis that led by
a foreign exchange crunch that dragged the economy close to defaulting on loans. The country
ran out of foreign exchange reserves. To face the crisis situation, the government decided to
bring about major economic reforms to revive Indian economy. This paper studies the Impact of
New Economic Policy on Indian economy. The Economic Reforms that made by government by
New Economic Policy in 1991 made significant impact on the Indian Economy. The reforms did
away with the License Raj, reduced tariffs and interest rates and ended many public monopolies,
allowing automatic approval of foreign direct investment in many sectors. The primary objective
of this model was to make the economy of India the fastest developing economy in the globe
with capabilities that help it match up with the biggest economies of the world.

Article information

Journal

International Journal of Social Sciences and Humanities Invention

Volume (Issue)

9 (04)

Pages

6968-6973

Published

2022-04-29

How to Cite

Critical Review of New Economic Policy on Indian Economy. (2022). International Journal of Social Sciences and Humanities Invention, 9(04), 6968-6973. https://doi.org/10.18535/ijsshi/v9i04.09

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Keywords:

License Raj, New Economic Policy

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