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Liberalisation, Privatisation And Globalisation — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsLiberalisation, Privatisation And Globalisation6 Marks
Question
Mention any three causes which were responsible for economic reforms (1990-91 crisis).OR
Why were reforms introduced in India? State any three reasons.
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Answer

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:
  1. The government faced acute external debt and was not in a position to make repayments on its borrowings from abroad.
  2. Foreign Exchange Reserves (FER) dropped to a very low level, not being sufficient enough for even a fortnight.
  3. Rising prices of the essential goods.
  4. Increasing fiscal deficit.

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