Which of the following is/are feature(s) of the New Economic Policy 1. This set of policies can broadly be classified into two groups: the stabilization measures and the structural reform measures. 2. The policy was intended to move towards a lower economic growth rate and to build sufficient foreign exchange reserves. 3. It converted the Indian economy into a market economy by removing all kinds of unnecessary restrictions.?

1 and 2 only
2 and 3 only
1 and 3 only
1, 2 and 3

LohaHridoy

4 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 3 : 1 and 3 only

The correct answer is 1 and 3. only.

India agreed to the conditionalities of the World Bank and IMF and announced the New Economic Policy (NEP) which consisted of wide-ranging economic reforms.
The thrust of the policies was towards creating a more competitive environment in the economy and removing the barriers to entry and growth of firms.
This set of policies can broadly be classified into two groups: the stabilization measures and the structural reform measures. Hence, Statement 1 is correct.
- Stabilization measures are short-term measures, intended to correct some of the weaknesses that have developed in the balance of payments and to bring inflation under control.
  - There was a need to maintain sufficient foreign exchange reserves and keep rising prices under control.
- Structural reform policies are long-term measures, aimed at improving the efficiency of the economy and increasing its international competitiveness by removing the rigidities in various segments of the Indian economy.
The government initiated a variety of policies that fall under three heads viz., liberalization, privatization, and globalization.
It converted the Indian economy into a market economy by removing all kinds of unnecessary restrictions. Hence, Statement 3 is correct.
The main objective of the policy was intended to move towards a higher economic growth rate and to build sufficient foreign exchange reserves. Hence, Statement 2 is incorrect.
The policy is aimed at increasing the participation of private players in all sectors of the economy.

4 views Answered 2022-09-04 04:29

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