Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsEconomic Reforms2 Marks
Question
State the objective of economic reforms in India.
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Answer
The changes brought about in economic policies since $1991$ in order to keep a change in the economic system of India.
One change was highly regulated by the state and other change was more market oriented.
As well as to reduce the extent of public sector in mixed economic system came to be known as economic reforms.
The objectives of these are as stated under:
Optimum and efficient allocation of country's resources can be possible.
Increase the domestic income, employment and export income of the country.
Increase competitiveness of the Indian economy.
Increasingly encourage the private and foreign investments in order to utilize India's abundant natural and human resources in the process of economic development in a productive manner.
Restrict expenditures of the state and keep the resources recovered from disinvestment in public enterprises towards increasing utility which enhance welfare of the people.
Ensure the steady economic growth and development of the Indian economy in the long run. In order to fulfill these objectives, systematic reforms in economic policy were initiated in $1991$ which had following three components:
Liberalization,
Privatization,
Globalization.
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