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The foreign exchange reserves by 1991 had dried up to the point that India could barely finance three weeks worth of imports. [20] In mid-1991, India's exchange rate was subjected to a severe adjustment. This event began with a slide in the value of the Indian rupee leading up to mid-1991.
The reforms drew heavy scrutiny from opposition leaders. The New Industrial Policy and 1991 Budget was decried by opposition leaders as "command budget from the IMF" and worried that withdrawal of subsidies for fertilizers and hikes in oil prices would harm lower and middle-class citizens. [27]
Another key prospect of the 1991 policy was to end "red-tapism" which was known as Industrial licensing, wherein the requirement to get a license to start a private sector industry was abolished. Thereby, cutting down unnecessary delays in establishing an industrial unit by any private entity.
Events in the year 1991 in the Republic of India. The year 1991 was a watershed moment in the history of Economy of India . It was the year in which India formally announced its shift towards Liberalization , Privatization and Globalization from hitherto existed Mixed economy that was predominantly a Planned economy .
A new industrial policy was tabled in Parliament on 24 July 1991 aiming to maintain growth in productivity and gainful employment and to encourage the growth of entrepreneurship and upgrades to technology. [3] That year the SICA was amended to include public sector enterprises in the board's purview. [4]
This government-led industrial policy, with corresponding restrictions on private enterprise, was the dominant pattern of Indian economic development until the 1991 Indian economic crisis. [15] After the crisis, the government began divesting its ownership of several PSUs to raise capital and privatize companies facing poor financial ...
Nirmala Sitharaman stated that there is a need for a coherent policy where all sectors are open to private sector participation while PSU's play an important role in defined areas. [11] Since financial year 1991-92 to 2017-18 the Government of India sold public assets totalling ₹3,47,439 Crore.
While Vinay Sitapati's book Half Lion: How P.V. Narasimha Rao transformed India (2016) gives a renewed biographical picture of his entire life, [109] Sanjay Baru's book 1991: How P V Narasimha Rao made history (2016) [110] and Jairam Ramesh's book From the brink to back: India's 1991 story (2015) [111] focuses on his role in unleashing the ...