CBSE class 12 business study online notes Economic Environment in India
In this post, Business Studies Class 12 –Topic – Economic Environment from Chapter – Business Environment is discussed.
Economic reforms and new Industrial policy, 1991
In order to introduce economic reforms, the central government announced a new industrial policy in July 1991 which sought to liberate the industry from the industry from the shackles of the licensing system, drastically reduce the role of the public sector, and encourage foreign-private participation in industrial development. It was a landmark in the history of economic development of India.
The main objectives of the new economic policy are:
- Rapid economic growth and a higher standard of living.
- Becoming self-reliant.
- Reduce inequalities of income and wealth.
- Reduce unemployment and poverty.
Liberalization
The term liberalization means freeing the Indian business and industry from all unnecessary government controls and restrictions. Liberalization of the Indian industry has taken place with respect to:
- Abolishing licensing requirement in most of the industries.
- Freedom in deciding the scale of business activities.
- Freedom in fixing the prices of goods and services.
- Reduction in tax rates.
- Simplifying procedures for imports and exports.
- Making it easier to attract foreign capital and technology to India.
CBSE guide, CBSE board exam pattern, syllabus, CBSE NCERT solutions, sample papers and question paper of Class 12 are also available at www.takshilalearning.com
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