New Economic Policy (India)

The New Economic Policy (India), introduced in 1991, was a set of economic reforms aimed at liberalizing the Indian economy. It shifted focus from a heavily regulated, closed economy to one encouraging openness, competition, and private enterprise. Key measures included reducing import tariffs, deregulating industries, privatizing state-owned companies, and promoting foreign investment. These reforms aimed to boost economic growth, increase efficiency, and integrate India into the global economy. Overall, the policy marked a significant shift towards a more market-oriented approach, helping India achieve faster development and improved living standards.