π Chapter 09 Β· Indian Economy Β· Development & Reforms
Economic Reforms β LPG (1991)
Liberalisation, Privatisation, Globalisation; balance of payments crisis; Narasimha Rao reforms β complete notes for UPSC & PSC exams.
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Sub-Topics
10
Practice MCQs
10
PYQs
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Very High
π What You Will Learn in This Chapter
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1991 Balance of Payments crisis
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Liberalisation β what changed
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Privatisation β disinvestment
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Globalisation β India’s integration
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Narasimha Rao & Manmohan Singh reforms
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Licence Raj β what it was
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Second generation reforms
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Impact of LPG reforms on India
π― Exam Relevance β This chapter appears in:
UPSC Prelims (2β3 Qs/year)APPSC Group 1 & 2TGPSC Group 1 & 2SSC CGL / CHSLState PSC Exams
π Chapter Sub-Topics β Click to Read
Topic 01
1991 Crisis β Why India Needed Reforms
Balance of payments crisis, gold pledge, IMF loan, Licence Raj problems, and why India had no choice but to reform.
Topic 02
Liberalisation β Dismantling the Licence Raj
Industrial delicensing, MRTP Act abolition, FDI liberalisation, trade liberalisation, and deregulation of economy.
Topic 03
Privatisation β Disinvestment & PSU Reforms
Disinvestment policy, strategic sale, Air India privatisation, and the debate around privatisation of PSUs.
Topic 04
Globalisation β India’s Integration with World Economy
Trade liberalisation, WTO membership, FDI inflows, outsourcing boom, and India’s rise as a global economy.
Topic 05
Impact of LPG Reforms β Achievements & Criticism
GDP growth, poverty reduction, IT boom, rising inequality, jobless growth β balanced assessment of 1991 reforms.
Topic 06
Second Generation Reforms & Quick Revision
Labour reforms, land reforms, agricultural reforms, GST, IBC β second generation reforms and complete revision.
β‘ Quick Access