BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Economic reforms in India started in the later part of 1991. These reforms brought about an improvement in the economic condition of the country.

Detailed explanation-2: -Though economic liberalization in India can be traced back to the late 1970s, economic reforms began in earnest only in July 1991.

Detailed explanation-3: -Economic reforms during the 1980s The governments loosened restrictions on business creation and import controls while also promoting the growth of the automobile, digitalization, telecommunications and software industries.

Detailed explanation-4: -Economic reforms were introduced in the year 1991 for faster and better economic growth. It was initiated by the Narasimha Rao Government for the sake of building people’s trust in the Indian economy.

Detailed explanation-5: -The GDP growth rate improved (from an average of 2.9 percent in 1970s to 5.6 percent in 1980s) during the 1980s. This was primarily due to two reasons: Liberalisation of industry and trade (reforms of 1980s, see below)