Recognizing the severity of the economic imbalance between races and the urgent need to address them, the government through the ..... introduced the far-reaching reforms of the New Economic Policy (NEP).

DEFINITION OF ENTREPRENEURSHIP

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Recognizing the severity of the economic imbalance between races and the urgent need to address them, the government through the ____ introduced the far-reaching reforms of the New Economic Policy (NEP).

A	Mageran
B	National Operations Council (NOC)
C	Royal Malaysian Police
D	Immigration Department

Explanation:

Detailed explanation-1: -The economic reforms in India in 1991 led to the liberalisation of the economy and significant improvement in its growth rate. These reforms started under the then Prime Minister of India, Narasimha Rao, and it had three main objectives – Liberalisation, Privatisation and Globalisation (LPG).

Detailed explanation-2: -Elements of the New Economic Policy. The three fundamental components or elements of current economic policy are liberalization, privatization, and globalization.

Detailed explanation-3: -Tariffs were reduced – reduction of customs duties in import and export to attract global investors. Foreign trade policy was for the long-term – Liberal and open policy was enforced. The Indian currency was made partially convertible. The equity limit of foreign investment was increased.

Detailed explanation-4: -The main objective of NEP 1991 was to reduce poverty by increasing economic growth and reducing income disparities.

There is 1 question to complete.

INTRODUCTION TO ENTREPRENEURSHIP

DEFINITION OF ENTREPRENEURSHIP