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What came to be known as India’s new economic policy? How was this policy strengthened? |
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Answer» With the downgrading of India’s credit rating by some international agencies, these was heavy flight of capital out of India. The Government has to mortgage 40 tons of gold to the Bank of England. Under these circumstances, the Government for 1991-92 presented its budget in July 1991 with a series of policy changes which underlined globalization, liberalisation and privatisation. This has come to be called as India’s new economic policy |
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