HISTORY
THE WORLD TODAY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a British colony to an independent nation.
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a one-party dictatorship to a parliamentary democracy.
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a socialist economy to a market economy.
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a traditional economy to a command economy.
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Detailed explanation-1: -By Continuing the Program of Economic Reforms India’s Outstanding Economic Performance Can Be Maintained for the Next Decade and Beyond. Stable Financial Markets Will Result from Improved Regulation and the Creation of National Markets for Goods and Services Will Provide an Important Stimulus to Growth.
Detailed explanation-2: -The liberalisation process was prompted by a balance of payments crisis that had led to a severe recession, and the need to fulfill structural adjustment programs required to receive loans from international financial institutions such as the IMF and World Bank.
Detailed explanation-3: -By 1991, the rates were unsustainable. It was the time when inflation was on the rise and could not be curbed. Consequently, the Government of India took a decision that would lead to the implementation of the NEP. This was done to bring about the Indian economic reforms.
Detailed explanation-4: -(i) Rise in Prices: (ii) Rise in Fiscal Deficit: (iii) Increase in Adverse Balance of Payments: (iv) Iraq War: (v) Dismal Performance of PSU’s (Public Sector Undertakings): (vi) Fall in Foreign Exchange Reserves: