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World History
Posted 10 months ago
This event paved the way for a greater role for Indian private enterprise.
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Posted 10 months ago
Answer
The liberalization of the Indian economy in 1991 paved the way for a greater role for Indian private enterprise.
Key Concept
Economic Liberalization in India
Explanation
In response to a severe economic crisis, the Indian government, led by Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh, initiated a series of economic reforms in 1991. These reforms reduced government control over private businesses, decreased import tariffs, deregulated markets, and encouraged foreign investment. This shift from a predominantly state-controlled economy to a more market-oriented one allowed Indian private companies to become more competitive and innovative, leading to significant growth in various sectors such as information technology, telecommunications, and manufacturing.
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