Explain the features of economic policy of 1991?

Question: Explain the features of economic policy of 1991?

The economic policy of 1991 in India was a significant shift towards liberalization, privatization, and globalization. The main features of this policy included the dismantling of the License Raj, which reduced government regulations and opened up several sectors for private investment. It also allowed for foreign direct investment in many industries, encouraged exports and removed restrictions on imports. The policy also aimed to promote competition and efficiency in the economy while reducing the role of the state in economic affairs. These measures led to an increase in foreign investment, growth in industries, and the emergence of a new middle class, leading to a significant transformation of the Indian economy.

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