How Did India Change Indian Economy After 1991
NAME : AYUSHA MAKEN
CLASS : BBA 5TH B
ERP ID : 0151BBA065
ASSIGNMENT NO. 1
QUESTION:
Briefly explain the changes that happened in Indian Economy after 1991.
ANSWER:
By 1985, India started having balance of payments problems. By the end of 1990, it was in a serious economic crisis. The government was close to default, its central bank had refused new credit and foreign exchange reserves had reduced to such a point that India could barely finance three weeks’ worth of imports. India had to airlift its gold reserves to pledge it with International Monetary Fund (IMF) for a loan.
The only way to earn dollar is by doing export of goods .
Since 1960s, India depended on the Soviet Union for exports - as they failed to develop good economic relationships …show more content…
Exports became down significantly.
In the late 1980s India's political system was imploding. Prime Minister Rajiv Gandhi was involved in a series of troubles..
India began its "Globalization" when Rao became our Prime Minister on 21st June 1991.
1. We did away with many of the import restrictions. Until 1991, we imposed a 400% customs duty on many products. Industries had to beg to get an essential ingredient imported. By 1991, the duties on many products were reduced substantially. This brought new growth in our industries.
2. Import licensing was abolished. Until 1991, you need a license to import anything and this license was very difficult to …show more content…
Students refer to online books for any doubts or queries. Each and every book is available online u don’t need to go outside your house to buy any study material. Many foreign universities have started collaborating with Indian universities and study institutions.
2) Effect on Health Sectors :
Just because of Globalisation , multinationals pharmaceutical companies have entered India . Medicines of Foreign Companies have very high rate that’s why poor people face difficulties when they are not well.
3) Effect on Agricultural sector :
The Indian farmers pay a very heavy price, for better variety of imported seeds having resistance to diseases, because of the patent rights imposed by WTO. Indian farmers even cannot export to rich countries just because of inferior technology. Different state governments of India are taking initiative to literate the farmers by organizing workshops , seminars etc
4) Effect on Employment sector:
Now there are more jobs for unemployed peoples. People have more job opportunities in different fields.
5) Effect on product and
CLASS : BBA 5TH B
ERP ID : 0151BBA065
ASSIGNMENT NO. 1
QUESTION:
Briefly explain the changes that happened in Indian Economy after 1991.
ANSWER:
By 1985, India started having balance of payments problems. By the end of 1990, it was in a serious economic crisis. The government was close to default, its central bank had refused new credit and foreign exchange reserves had reduced to such a point that India could barely finance three weeks’ worth of imports. India had to airlift its gold reserves to pledge it with International Monetary Fund (IMF) for a loan.
The only way to earn dollar is by doing export of goods .
Since 1960s, India depended on the Soviet Union for exports - as they failed to develop good economic relationships …show more content…
Exports became down significantly.
In the late 1980s India's political system was imploding. Prime Minister Rajiv Gandhi was involved in a series of troubles..
India began its "Globalization" when Rao became our Prime Minister on 21st June 1991.
1. We did away with many of the import restrictions. Until 1991, we imposed a 400% customs duty on many products. Industries had to beg to get an essential ingredient imported. By 1991, the duties on many products were reduced substantially. This brought new growth in our industries.
2. Import licensing was abolished. Until 1991, you need a license to import anything and this license was very difficult to …show more content…
Students refer to online books for any doubts or queries. Each and every book is available online u don’t need to go outside your house to buy any study material. Many foreign universities have started collaborating with Indian universities and study institutions.
2) Effect on Health Sectors :
Just because of Globalisation , multinationals pharmaceutical companies have entered India . Medicines of Foreign Companies have very high rate that’s why poor people face difficulties when they are not well.
3) Effect on Agricultural sector :
The Indian farmers pay a very heavy price, for better variety of imported seeds having resistance to diseases, because of the patent rights imposed by WTO. Indian farmers even cannot export to rich countries just because of inferior technology. Different state governments of India are taking initiative to literate the farmers by organizing workshops , seminars etc
4) Effect on Employment sector:
Now there are more jobs for unemployed peoples. People have more job opportunities in different fields.
5) Effect on product and