Answer :
The government decided to remove barriers on foreign trade and investment and introduce a new series of economic reforms in India in the year 1991.
NOTE – The government of India, after independence from British Rule, decided in favour of putting barriers to foreign trade and foreign investment in order to protect the domestic producers from foreign competition. The economy was weak at that stage and it was in the best interest of India to do so. However, after a long period of time, it was thought to be necessary to open up the Indian economy that was previously secured with barriers and regulations.
Rate this question :
How useful is this solution?
We strive to provide quality solutions. Please rate us to serve you better.
Try our Mini CourseMaster Important Topics in 7 DaysLearn from IITians, NITians, Doctors & Academic Experts
view all courses
Dedicated counsellor for each student
24X7 Doubt Resolution
Daily Report Card
Detailed Performance Evaluation


RELATED QUESTIONS :
How has informati
Social Science - Board PapersHow has improveme
Social Science - Board PapersDefine the term l
Social Science - Board PapersWhat is meant by
Social Science - Board PapersWhy had the India
Social Science - Board PapersWhy had Indian go
Social Science - Board Papers