1.Why were reforms introduced in India?22. Why is it necessary to beca

1.	1.Why were reforms introduced in India?22. Why is it necessary to became a member of WTO?3. Why did RBI have to change its role from controller tofinancial sector in India?How is RBI controlling the commercial banks?What do you understand by devaluation of rupee?Distinguish between the following(i) Strategic and Minority sale(ii) Bilateral and Multi-lateral trade(iii) Tariff and Non-tariff barriers,Why are tariffs imposed?What is the meaning of quantitative restrictions?5.6.
Answer» Answer: In 1991, India was facing SEVERE ECONOMIC crisis. The foreign exchange reserve was so low that it could have paid for only a fortnight of IMPORTS. The government was running on DEFICIT financing. PRICE rise was too much and there was high unemployment rate. To tackle this financial crisis; it was the need of the hour to introduce financial reforms in India.

1.Why were reforms introduced in India?22. Why is it necessary to became a member of WTO?3. Why did RBI have to change its role from controller tofinancial sector in India?How is RBI controlling the commercial banks?What do you understand by devaluation of rupee?Distinguish between the following(i) Strategic and Minority sale(ii) Bilateral and Multi-lateral trade(iii) Tariff and Non-tariff barriers,Why are tariffs imposed?What is the meaning of quantitative restrictions?5.6.

Answer»

Answer:

In 1991, India was facing SEVERE ECONOMIC crisis. The foreign exchange reserve was so low that it could have paid for only a fortnight of IMPORTS. The government was running on DEFICIT financing. PRICE rise was too much and there was high unemployment rate. To tackle this financial crisis; it was the need of the hour to introduce financial reforms in India.

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