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unit-4-planning,-governance-and-institutions

Unit-4 Planning, Governance and Institutions

This unit outlines the growth performance in each plan, the shifts in plan priorities and strategies, and the shifts in major economic policies leading to the present regime of economic reforms with a central place to market induced investment and growth.

What were the immediate steps taken by the Government to overcome the economic crisis in 1991? 




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Written on Jun 26, 2019 2:49:17 PM

The immediate steps towards overcoming the economic crisis included devaluation of rupee by 22%, liberalisation of trade policy and measures to control fiscal deficit by cutting down public expenditure.

A series of liberalisation, privatisation and globalisation (LPG) measures followed. The Government justified these measures as needed for achieving:

 (i)  increased efficiency and competitiveness of industrial production,

 (ii)  much greater utilisation of foreign investment and technology than in the past, (iii)  improved performance of public sector and

 (iv) for modernising the financial sector.