New Economic Policy 1991


 
 
Concept Explanation
 

New Economic Policy 1991

New Economic Policy 1991: Around 1991,  it was felt that Indian producers must compete with producers around the globe, so that they can improve their performance and quality of goods and services. That's why Government of India in 1991 made some major changes in its trade policy. This decision was supported by powerful international organisations like the World Trade Organisation (WTO).

New Economic Policy of India was launched in the year 1991 under the leadership of P. V. Narasimha Rao and at that time Dr. Manmohan Singh was  finance minister . New economic policy Named as LPG- Liberlisation , Privatisation , Globalisation . 

New Economic Policy refers to economic liberalisation or relaxation in the import tariffs, deregulation of markets or opening the markets for private and foreign players, and reduction of taxes to expand the economic wings of the country.

 

 
 


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