sir please give me answers of the foloowinf questions
1. Briefly review the New Economic Policy of 1991. Highlight the landmark developments undertaken in the field of Public Sector Policy.
2. State the measures taken by Indian Government to tackle industrial sickness in SSI and Non-SSI Sector. .
3. “An important objective of industrial policy and licensing is to prevent the emergence of private monopolies and the concentration of economic power in the hands of a small number of individuals.” Briefly examine this statement.
4. How is Current Account Convertibility different from Capital Account Convertibility? Explain.
5. “The Narasimham Committee recognized that the quantitative success of the public sector banks in India was achieved at the expense of deterioration in qualitative factors.” Critically examine this statement.
6. Write short notes on the following :
a) SICA Act, 1985
b) NNP per capita
c) SLR and CRR
Get the answer below
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1.Briefly review the New Economic Policy of 1991. Highlight the landmark developments undertaken in the field of Public Sector Policy. New Economic Policy of 1991 includes globalization, liberalization and privatization (Disinvestment) 1. Globalization means flow capital (finance in the form of foreign direct investment (FDI) and foreign portfolio investment (FPI), technology, human resource, goods and service among countries. FDI is investment in real assets like automobile, consumer goods production, service sectors like insurance, telecommunication, air transport etc. 2. Liberalisation means freeing the economic activities and business from unnecessary bureaucratic and other controls imposed by the governments. 3. Privatisation or Disinvestment: Selling the government owned public sector enterprises to private industrialists and opening the government operating sectors for private investment. The New Economic Policy includes reduction in government expenditure, opening of the economy to trade and foreign investment, adjustment of the exchange rate from fixed exchange rate system to flexible exchange rate system, deregulation in most markets and the removal of restrictions on entry, on exit, on capacity and on pricing. Immediate consequences of economic liberalization that are to focus on are (a) an increase in internal and external competition and (b) structural change induced by changes in relative prices in the economy. The Major areas of New Economic Policy 1991 are
1. Fiscal policy reforms
2. Monetary policy reform
3. Pricing policy reform
4. External policy reform
5. Industrial policy reform
6. Foreign investment policy reform
7. Trade policy reform
8. Public sector policy reform
The principal reforms initiated in the year 1991 included; reduction in import tariffs on most goods other than consumer goods, removal of quantitative restrictions and liberal terms of entry for foreign investors. India’s simple average tariff rate was reduced from 128% in 1991 to about 32.3% in 2001-02. Quotas and non-tariff barriers were also reduced.. To restore Macro economic stability, the reforms package of structural adjustment policies are aimed at freeing markets by dismantling controls on production, prices and trade and reducing...