What is economic liberalisation? What are its benefits?

1.	What is economic liberalisation? What are its benefits?
Answer» (i) The Narasimha Rao Government started economic reforms from 1991. These economic reforms are known as economic liberalisation. (ii) The Indian economy flourished as a result of the implementation of this policy. (iii) The foreign investment in India increased. Skilled Indian professionals helped reform the Indian economy. (iv) The field of information technology opened several avenues of employment in the country. (v) The changes after 1991 are also described as ‘globalisation’.

Answer»

(i) The Narasimha Rao Government started economic reforms from 1991. These economic reforms are known as economic liberalisation.

(ii) The Indian economy flourished as a result of the implementation of this policy.

(iii) The foreign investment in India increased. Skilled Indian professionals helped reform the Indian economy.

(iv) The field of information technology opened several avenues of employment in the country.

(v) The changes after 1991 are also described as ‘globalisation’.

Discussion