ECONOMIC REFORMS 24 JULY In 1991 #JKSSB

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India experienced an economic crisis as a result of its external debt, which the government was unable to resolve. make repayments on its international debt; reserves of foreign currency

(ii) When income exceeds expenditure, 

The government borrows money from banks to cover the deficit.

as well as from within the country and from abroad Institutions of international finance

(iii) When the government was spending a significant amount of money It spends its money on things that don't pay off right away.

There are rewards in areas such as the social sector and defence.

There was a need to put the balance of the company's money to good use in a timely manner

(iv) foreign exchange reserves fell to an all-time low not enough to cover imports for more than two years weeks.

(v) India applied for a loan from the International Bank. IBRD stands for International Bank for Reconstruction and Development. The World Bank and the International Monetary Fund are both known as the World Bank and the International Monetary Fund, respectively.

The International Monetary Fund (IMF) provided a $7 billion loan to manage the situation.

(vi) Stabilization :- measures are short-term policies aimed at addressing some of the imbalances in the balance of payments and bringing inflation under control.

(vii) Structural reform plans are long-term strategies aimed at strengthening the economy's efficiency and international competitiveness by reducing rigidities in various sectors of the Indian economy.

(viii) Liberalization:-  was implemented to remove these restrictions and open up numerous economic areas.

(ix) Many of these restrictions were lifted as a result of the reform initiatives implemented in and after 1991. Almost all industrial licensing was removed, with the exception of alcoholic beverages, tobacco, hazardous chemicals, industrial explosives, electronics, aircraft, and medications and pharmaceuticals.

(x) Defense equipment, atomic energy generation, and railway transport are the only industries now retained for the public sector.

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