Why does the NEP called as Economic reforms In the beg
| Why does the NEP called as Economic reforms?
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SOLUTION
In the beginning of 1990’s Indian Economy was facing economic reforms. A process to correct the mal-functioning started in 1991. Since these reforms were initiated to project the Indian economy on higher growth trajectory, these reforms termed as New Economic Policy. The steps taken included: -
1. Reforms in the Industrial sector
2. Financial sector reforms
3. Tax reforms
4. Foreign exchange reforms