The document discusses key aspects of India's economic reforms in the 1990s, known as the New Economic Policy (NEP). It notes that the NEP was introduced in 1991 by then Prime Minister P.V. Narasimha Rao and Finance Minister Manmohan Singh. The reforms aimed to liberalize India's economy by reducing government controls and regulations and allowing market forces to play a greater role. Major changes included deregulating industry, simplifying rules for private businesses, privatizing state-owned enterprises, and reforming tax codes. The goal was to make the Indian economy more competitive and integrate it with the global economy.
The document discusses key aspects of India's economic reforms in the 1990s, known as the New Economic Policy (NEP). It notes that the NEP was introduced in 1991 by then Prime Minister P.V. Narasimha Rao and Finance Minister Manmohan Singh. The reforms aimed to liberalize India's economy by reducing government controls and regulations and allowing market forces to play a greater role. Major changes included deregulating industry, simplifying rules for private businesses, privatizing state-owned enterprises, and reforming tax codes. The goal was to make the Indian economy more competitive and integrate it with the global economy.
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The document discusses key aspects of India's economic reforms in the 1990s, known as the New Economic Policy (NEP). It notes that the NEP was introduced in 1991 by then Prime Minister P.V. Narasimha Rao and Finance Minister Manmohan Singh. The reforms aimed to liberalize India's economy by reducing government controls and regulations and allowing market forces to play a greater role. Major changes included deregulating industry, simplifying rules for private businesses, privatizing state-owned enterprises, and reforming tax codes. The goal was to make the Indian economy more competitive and integrate it with the global economy.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPT, PDF, TXT or read online from Scribd
SUNNY AGGARWAL, SUPRIYA GUPTA VISHRUTI NANDEL Economic policy deals with Industrial Policy, Business Law, Taxation, Banking Law & Trade Law with all other concerning economic activity of a country. NEP was inaugurated by former PM P.V. Narasimha Rao under the guidance of FM Manmohan Singh. Liberalization of economy means to free it from direct or physical controls imposed by the government.
Economic reforms were based on the
assumption that market forces could guide the economy in a more effective manner than government control. According to the provisions of Monopolies and Restrictive Trade Practices Act all those companies having assets more than 100 crore were used to be declared MRTP firms and were subjected to several restrictions.
Now firms are no longer required to obtain prior approval of
the government Now they are free to expand More emphasis is laid on checking unfair trade practices to safeguard interests of consumers Privatization is the general process of involving the private sector in the ownership or operations of a state owned enterprise. Saleem, Shaikh, Business Environment (2E) Awasthapa, K. , Essentials of Business Environment Deweet, K.K., Varma,J.D., Sharma,M.L., Indian Economics(41E) http://mospi.nic.in/stat_act_t2.htm http://www.livemint.com/2011/01/26000245/RBI-raises-rates-to-fight- infl.html http://www.rbi.org.in/scripts/PublicationsView.aspx?id=12068 www.authorstream.com business.mapsofindia.com http://actrav.itcilo.org/actrav- english/telearn/global/ilo/seura/mains.htm#Compensation costs and globalization