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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]
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]
A country's infrastructure (including transportation, telecommunications and energy industry) is a major enabler of industrial policy. [6] Industrial policies are interventionist measures typical of mixed economy countries. Many types of industrial policies contain common elements with other types of interventionist practices such as trade ...
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 .
Since 1991, India has pursued more economic liberalisation. Today, India is the third largest and one of the fastest-growing economies in the world. From being a relatively struggling country in its formative years, [ 3 ] the Republic of India has emerged as a fast growing G20 major economy.
The Committee submitted its report to the Finance Minister in November 1991 which was tabled in Parliament on 17 December 1991. [6] The Narasimham-II Committee was tasked with the progress review of the implementation of the banking reforms since 1992 with the aim of further strengthening the financial institutions of India. [4]
21 June 1991 212 days Janata Party: 29 P Chidambaram: 21 June 1991 9 July 1992 1 year, 18 days P. V. Narasimha Rao: Indian National Congress: 30 P. V. Narasimha Rao: 9 July 1992 18 January 1993 193 days (19) Pranab Mukherjee: 18 January 1993 10 February 1995 2 years, 23 days 29 P Chidambaram: 10 February 1995 3 April 1996 1 year, 53 days (30)