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6) We have seen landmark shift in Indian Economy since the adoption of new economic policy in 1991. Discuss the impact that it has had on different sectors of economy?(250 words)

Topic-Part of static series under the heading – “Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth”

6) We have seen landmark shift in Indian Economy since the adoption of new economic policy in 1991. Discuss the impact that it has had on different sectors of economy?(250 words)

 

Key demand of the question

The question expects us to bring out the impact of changes made in industrial policy since 1991 has had on different sectors of the economy viz. Agrarian, manufacturing and services sector. We need to discuss both the good and the not so good impacts.

Directive word

Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.

Structure of the answer

Introduction – Explain why adoption of new economic policy was such a landmark step.

Body

  • Discuss the impact on agriculture sector – share in economy, changes in cropping pattern, restriction on subsides, greater impact of global prices etc
  • Discuss the impact on manufacturing sector – share in economy increased, transitioned to be a service led economy, directly from an agrarian one, premature deindustrialization etc
  • Discuss impact on services sector – growth in IT and Banking sector, improvement in exports etc

Conclusion – Give your view on the overall impact it has had on the economy.

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