“New Economic Policy of 1991 was an inevitable phenomenon”. Do you

1.	“New Economic Policy of 1991 was an inevitable phenomenon”. Do you agree? Justify.
Answer» Yes, I agree. India at the time of independence, adopted a mixed economy framework and accordingly rules and laws were framed which aimed at controlling and regulating the economy. However, in the long run, theses ended up hampering the process of growth and development. In 1991 India faced an acute economic crisis relating to external debt. The government was not able to make repayments on its borrowings from abroad. Foreign exchange reserves dropped at such a level that it was not sufficient for even a fortnight. Prices of essential goods were rising high. All these factors led to the need for reforms to be introduced in India.

“New Economic Policy of 1991 was an inevitable phenomenon”. Do you agree? Justify.

Answer»

Yes, I agree. India at the time of independence, adopted a mixed economy framework and accordingly rules and laws were framed which aimed at controlling and regulating the economy. However, in the long run, theses ended up hampering the process of growth and development.

In 1991 India faced an acute economic crisis relating to external debt. The government was not able to make repayments on its borrowings from abroad. Foreign exchange reserves dropped at such a level that it was not sufficient for even a fortnight. Prices of essential goods were rising high. All these factors led to the need for reforms to be introduced in India.

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