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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