Table of Contents
- 1 Who amongst the following was the Prime Minister of India at the time of liberalization of economy in 1991?
- 2 Who introduced LPG policy in India 1991?
- 3 Who was the Indian finance minister in 1991 acknowledged for his capabilities?
- 4 Did the Indian government become unsustainable in 1991?
- 5 Who started the process of economic liberalisation in India?
- 6 How did India avoid bankruptcy in 1991?
Who amongst the following was the Prime Minister of India at the time of liberalization of economy in 1991?
The correct answer is P. V. Narasimha Rao. The Narasimha Rao Government, in 1991, started the economic reforms in order to rebuild internal and external faith in the Indian economy. Manmohan Singh served as the finance minister during the 1991 economic reforms.
Who was responsible for 1991 reforms?
30 years hence, the Narasimha Rao-Manmohan Singh duo must be credited for laying the foundation for a new era of development. This July marks the 30th anniversary of the historic economic reforms in India.
Who introduced LPG policy in India 1991?
Dr. Manmohan Singh
The main objectives behind the launching of the New Economic policy (NEP) in 1991 by the union Finance Minister Dr. Manmohan Singh are stated as follows: 1.
Who is called the pioneer of liberalisation of Indian economy?
Dr Manmohan Singh is the pioneer of liberalisation of Indian economy.
Who was the Indian finance minister in 1991 acknowledged for his capabilities?
Yashwant SinhaYashwant Sinha: 1991-1992.
Who was prime minister in 1991 India?
List
| No. | Name | Assumed office of Prime Minister |
|---|---|---|
| 6 | Rajiv Gandhi | 31 October 1984 |
| 7 | Vishwanath Pratap Singh | 2 December 1989 |
| 8 | Chandra Shekhar | 10 November 1990 |
| 9 | P. V. Narasimha Rao | 21 June 1991 |
Did the Indian government become unsustainable in 1991?
The New Economic Policy was introduced in 1991. But after that the Indian Government became unsound. It lead to a rise in inequality in the economy. Private sectors operate for a profit motive and therefore, they produce goods and services only for those who have the purchasing power.
Why was there Liberalisation in 1991?
Although unsuccessful attempts at liberalization were made in 1966 and the early 1980s, a more thorough liberalization was initiated in 1991. The reform was prompted by a balance of payments crisis that had led to a severe recession.
Who started the process of economic liberalisation in India?
Economic liberalisation in India was initiated in 1991 by Prime Minister P. V. Narasimha Rao and his then-Finance Minister Dr. Manmohan Singh. By 1991, India still had a fixed exchange rate system, where the rupee was pegged to the value of a basket of currencies of major trading partners.
What is the liberalization of trade in services in India?
Since 1991 India has also carried out a substantial liberalization of trade in services. Traditionally, services sectors have been subject to heavy government intervention. Public sector presence has been conspicuous in the key sectors of insurance, banking, and telecommunications.
How did India avoid bankruptcy in 1991?
In 1991, the public debt reached $70 billion and India was on the verge of declaring bankruptcy. To avoid this disastrous last resort, India was forced to take immediate action to fix the problem.
Why are Indian businesses unhappy with liberalisation?
Indian businesses were also conflicted. They liked domestic liberalisation, but were unhappy at the entry of foreign competition, both through imports and FDI. Some pending factor market reforms, in areas such as labour and land, remain hanging. Are they not holding up investment?