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ECONOMIC LIBERALIZATION AND GLOBALIZATION. — Social Science STD 10 — Question

Gujarat BoardEnglish MediumSTD 10Social ScienceECONOMIC LIBERALIZATION AND GLOBALIZATION.2 Marks
Question
When and why did economic reforms start in India?
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Answer

Five Year plans were implemented by the Government for speedy economic development after independence in 1947.
  • Monetary policy, Fiscal policy and Industrial policy were announced however there was limited success in achieving economic development.
  • To rectify the mistakes and increase economic development, the government introduced the New Economic Policy in 1991.
  • It included features like Liberalization, Privatization and Globalization.

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