Briefly explain any three negative impacts of New Economic Policy in India.OR
Give the negative impact of economic reforms since 1991.
Give the negative impact of economic reforms since 1991.
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Negative impacts of New Economic Policy:
- The biggest consequence of the new free market policies is 'acute inequality. The new reforms have increased the incomes of only high income groups and the poor have been left out of the benefits of the reforms.
- There is a great deal of variation in economic growth among the Indian states and between states and between the rural and urban areas. The growth has concentrated only in some selective areas in the service sector such as telecommunication, entertainment, finance, travel and hospitality services, real estate and trade.
- The information technology sector which has benefited most from the reforms employs fewer than one million people. Job creation in the urban technology sector does little to create economic gains for India's rural poor.
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