SSC
INDIAN ECONOMY
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Question
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Detailed explanation-1: -It identifies three phases: 1948–1980, a period characterised by increasing state intervention; 1980–1991: a transitional period of gradual reforms; and 1991–2020: a period of extensive market-oriented reforms.
Detailed explanation-2: -New Industrial Policy, 1991. The New Industrial Policy, 1991 had the main objective of providing facilities to market forces and to increase efficiency. The government allowed Domestic firms to import better technology to improve efficiency and to have access to better technology.
Detailed explanation-3: -Industrial Policy Resolution of 1956 (IPR 1956) is a resolution adopted by the Indian parliament in April 1956. It was the second comprehensive statement on industrial development of India after the Industrial Policy of 1948.
Detailed explanation-4: -The government announced a New Industrial Policy on 24 July 1991. The New Industrial Policy established in 1991 sought substantially to deregulate industry so as to promote growth of a more efficient and competitive industrial economy.