Mention any three causes which were responsible for economic reforms (1990-91 crisis).OR
Why were reforms introduced in India? State any three reasons.
Why were reforms introduced in India? State any three reasons.
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The economic reforms introduced against the background of the economic crisis of 1991, changed the direction of India's developmental strategies. The main reasons for the economic reforms being introduced were:
- The government faced acute external debt and was not in a position to make repayments on its borrowings from abroad.
- Foreign Exchange Reserves (FER) dropped to a very low level, not being sufficient enough for even a fortnight.
- Rising prices of the essential goods.
- Increasing fiscal deficit.
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