What are the main objectives of economic reforms?

1. The main objective was to plunge Indian Economy in to the arena of ‘Globalization and to give it a new thrust on market orientation. 3. It intended to move towards higher economic growth rate and to build sufficient foreign exchange reserves.

What are third generation economic reforms?

The third generation reforms needs a special resolve in delivering efficient public services particularly focused on long neglected social needs such as nutrition,health services, primary and secondary schooling, major quality upgrade of tertiary education, water supply, sanitation and urban development, Mohan said.

What are the objectives of economic reforms in India?

The principal aim of economic reforms was to enter an era of globalisation which meant a) free flow of goods and services, b) free flow of technology, c) free flow of capital, and d) free movement of human beings, especially labour from one country to another.

What was the main purpose of the economic reforms of 1990?

The economic reforms of the 1990s swept away the oppressive licensing controls on industry and foreign trade, allowed the market to determine the exchange rate, drastically reduced protective customs tariffs, opened up to foreign investment, modernised the stock markets, freed interest rates, strengthened the banking …

What were the objectives behind trade and investment policy reforms?

Trade and investment policy reforms were initiated to: Remove the restrictions on foreign goods and to increase international competitiveness in Indian markets. Attract foreign investment and to promote the adoption of modern technology into the economy. Dismantling of quantitative restrictions on imports and exports.

What are the main objectives of industrial policy 1991?

The Main objectives of the New Industrial Policy of 1991 are: To introduce an economic system free of excessive regulatory norms and bureaucratic controls. To liberalize Indian economy and work towards globalization. To relax foreign direct investment norms.

What are the objectives of public sector?

Some of the important objectives are removal of poverty, attainment of self-reliance, reduction in income inequalities, expansion bf employment opportunities, removal of regional imbalances, acceleration of eonomic development and reduction of concentration of economic power.

How many generation reforms are there?

With the aim of accelerating economic growth and eradicating poverty the Reform Process in India was initiated and three generations of Economic Reforms as a way forward to 1991 reform have been announced till date, although some experts have suggested the fourth generation too.

What is the objective of economic activity?

The primary aim of the economic activity is the production of goods and services with a view to make them available to consumer. “Human activities which are performed in exchange for money or money’s worth are called economic activities”.

What was the main objective of New Economic Policy of 1991?

Objectives of New Economic Policy 1991. Enter into the field of ‘globalisation’ and make the economy more market-oriented. Reduce the inflation rate and rectify imbalances in payment. Increase the growth rate of the economy and create enough foreign exchange reserves.

Which of the following are the objectives of the new industrial policy?

The New Industrial Policy,1991 seeks to liberate the industry from the shackles of licensing system Drastically reduce the role of public sector and encourage foreign participation in India’s industrial development. (iii) Increasing competitiveness of industries for the benefit of the common man.

What are the economic reforms in India?

It allowed opening up the economic borders for foreign investments and MNCs. Several economic reforms that were imposed under Liberalization include expansion of production capacity, de-servicing producing areas, abolishing industrial licensing by the government, and freedom to import goods.