SSC MTS EXAM

Detailed explanation-1: -The new economic policy focused on removing obstacles in the path of economic growth and creating a more competitive environment with exposure to the global market. New Economic Policy 1991 India introduced changes related to foreign trade and investments, privatization in industry, and fiscal discipline.

Detailed explanation-2: -The economic liberalisation in India refers to the opening of the country’s economy to the world with the goal of making the economy more market and service-oriented, thus expanding the role of private and foreign investment.

Detailed explanation-3: -The Monopolies & Restrictive Trade Practices (MRTP) Act was repealed to eliminate the need for prior approval by large companies for capacity expansion or diversification. Areas reserved for the public sector were narrowed down and greater participation by private sector was permitted in core and basic industries.

Detailed explanation-4: -The ratio of total goods and services trade to GDP increased from 17.2 percent to 30.6 percent in ten years. Increased competition in areas such as banking has resulted in more customer choice and increased efficiency as a result of reforms. It has also resulted in a rise in private sector investment and growth.