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Its about economics reforms that were introduced in 1991.
why such reforms were needed ?
what was situation at that time ?
what were the achievement and limitations of economic reforms ?
This presentation explains the conditions which led to the introduction of 1991 economic reforms of India, the key features of the reforms and the impact it created on Indian economy.
A brief overview of the structural framework and the reforms implemented in the year 1991 by India to encourage its economy best. The policy that changed the overall view of the economy - LPG MODEL
Prime Minister - PV Narsimha Rao
Finance Minister - Dr. Manmohan Singh
With confidence
Divanshu Sachdeva
Its about economics reforms that were introduced in 1991.
why such reforms were needed ?
what was situation at that time ?
what were the achievement and limitations of economic reforms ?
This presentation explains the conditions which led to the introduction of 1991 economic reforms of India, the key features of the reforms and the impact it created on Indian economy.
A brief overview of the structural framework and the reforms implemented in the year 1991 by India to encourage its economy best. The policy that changed the overall view of the economy - LPG MODEL
Prime Minister - PV Narsimha Rao
Finance Minister - Dr. Manmohan Singh
With confidence
Divanshu Sachdeva
Liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy.
Privatization means transfer of ownership and/or management of an enterprise from the public sector to the private sector .It also means the withdrawal of the state from an industry or sector partially or fully.
Globalization implies integration of the economy of the country with the rest of the world economy and opening up of the economy for foreign direct investment by liberalizing the rules and regulations and by creating favorable socio-economic and political climate for global business.
Liberalization, Privatization and Globalization in India. The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model.
Liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy.
Privatization means transfer of ownership and/or management of an enterprise from the public sector to the private sector .It also means the withdrawal of the state from an industry or sector partially or fully.
Globalization implies integration of the economy of the country with the rest of the world economy and opening up of the economy for foreign direct investment by liberalizing the rules and regulations and by creating favorable socio-economic and political climate for global business.
Liberalization, Privatization and Globalization in India. The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model.
Libralization, Privatization and GlobalizationKuneeka
India made LPG reforms in 1991. LPG reforms are also known as liberalisation, privatisation and globalisation reforms. They have transformed the way India as an economy works and opened the country up to the world for trade and commerce.
Get to know more about with the help of above PDF.
The presentations describes the 1991 Liberalization Privatization Globalization(LPG) model of Indian economy. Following are the topics discussed in the ppt:
Reasons for implementing LPG
Definitions
Advantages
Disadvantages
Disinvestment Commission
Successful privatizations in India
FDI
MNCs
Effects
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. NEED FOR NEW ECONOMIC POLICY
Factors responsible for economic reforms –
1. Fall in foreign exchange reserve : as imports grew faster than exports
2. Adverse balance of payments resulted repayment crisis
3. Mounting fiscal deficit as govt. expenditure grew faster than revenue
4. Rise in prices, which has the negative impact on Investment.
5. Failure of public enterprises:- very low return on high Investment
6. Gulf crisis increases crude oil prices which negatively affected BOP.
7. High rate of deficit financing
8. Collapse of soviet block.
3. NEW ECONOMIC POLICY 1991
LPG which is also known as Liberalisation, Privatisation and
Globalisation were the three major measures that the Indian
government had adopted under its New Economic Policy. For
this, they approached International Banks for development and
the betterment of the country and economy. When they
approached these international banks and organisations, these
agencies asked them to open up our Indian economy to the
world, remove trade restrictions and trade barriers and foster
the private sector.
4. LIBERALISATION
Liberalisation of the economy means freedom of
the producing units from direct or physical
controls of the government. Though a few
liberalisation measures were introduced in 1980s
in areas of industries, export-import policy,
technology upgradation, fiscal policy and
foreign investment, reform policies initiated in
1991 were more comprehensive. Following are
some notable observations in this regard –
• Prior to 1991, government had imposed
several types of controls on private
enterprises in the domestic economy.
These included industrial licensing system,
price control or financial control on goods,
import license, foreign exchange control,
restrictions on investments by big
business houses, etc.
5. • It was experienced by the government that several shortcomings had
emerged in the economy on account of these controls.
• These controls had given rise to corruption, undue delays and inefficiency.
• Growth rate of GDP had fallen sharply and high-cost economic system
came into being.
In view of these facts liberalisation of the economy was considered as a key
component of New Economic Policy. Greater influence was to be placed on
market foces rather than public control.
6. ECONOMIC REFORMS
UNDER LIBERALISATION
Liberalisation virtually implied de-
regulation of industrial sector of
the economy.
• Abolotion of industrial
licencing: In July 1991, a new
industrial policy was announced
.It aboloshed the requirement of
licencing except for the
following five industries. ( a)
liquor (b) cigarette (c) defence
equipments (d)industrial
explosives (e) Dangerous
chemicals
7. • Contraction of Public sector:
Under the new industrial policy,
number of industries reserved
for public sector was reduced
from 17 to 8. In 2010-11, the
number of these industries was
reduced merely to two:
1. Atomic Energy
2. Railway
• De-reservation of Production
Areas: Many production areas
which earlier were reserved for
SSI (Small Scale Industries) were
de-reserved. Forces of the
market were allowed to
determine allocation of
resources
8. • Expansion of Production
Capacity: Earlier production
capacity was linked with
licencing. Now, freedom from
licensing implied freedom from
capacity constraints. ‘What to
produce and how much to
produce’ was now matter of
producer’s choice depending on
market conditions. v. Freedom to
• Import Capital Goods:
Liberalisation also implied
freedom for the industrialists to
import capital goods with a view
to upgrading their Technology.
Permission was no longer
required from the government to
enter into international
agreements for the import of
technology
9. ECONOMIC REFORMS
UNDER LIBERALISATION
2. Financial sector includes :
(i) banking and non-banking financial
institutions, (ii) Stock exchange market
and (iii) Foreign exchange market.
In India, financial sector is regulated and
controlled by the RBI (Reserve Bank of
India). Liberalisation implied a
substantial shift in the role of the RBI
from ‘a regulator’ to ‘a facilitator’ of the
financial sector.
Free play of the market forces has led to
the emergence of private bankers- both
domestic as well as international in the
Indian banking Industry.
Liberalisation also allowed FII (Foreign
Institutional Investors) to invest in Indian
financial markets .
10. ECONOMIC REFORMS
UNDER LIBERALISATION
3. Fiscal reforms/Tax reforms -Broadly, Taxes are
classified as:
a) Direct Taxes
b) Indirect taxes
Direct taxes are those taxes ,the burden of which can
not
be shifted to others Example: Income tax
Indirect taxes are those taxes which can be shifted to
others. Example: GST(Goods and Services Tax)
Prior to liberalisation, tax structure in the country has
been highly complex and evasive.
Now tax structure has been simplified and
moderated
under fiscal reforms.
11. ECONOMIC REFORMS
UNDER LIBERALISATION
4. External sector reforms include:
1. Foreign exchange reforms and
2. Foreign trade policy reforms
Foreign exchange reforms were initiated in 1991 with
devaluation of the Indian currency against foreign
currencies. Devaluation implies lowering the value of our
currency in relation to other foreign currencies. This
Devaluation increased the supply of foreign currency into
the Indian economy by way of higher exports of the
domestic goods and services.
Foreign Trade Policy underwent a substantial change in
the wake of liberalisation. Tariff restrictions have been
moderated and competition replaced protection of
industries.
12. PRIVATISATION
Privatisation is the process of involving the
private sector in the ownership or
operation of state owned enterprise. It
implies gradual withdrawal of
government ownership / managements
from the public sector enterprises. It may
happen in two ways 1. Out right sale of
the government enterprises to the private
entrepreneurs or 2. Withdrawal of the
government ownership and
managements from the mixed
enterprises.
13.
14. GLOBALISATION
Globalisation refers to the integration of the
economy of the nation with the global
economy. During globalization, the emphasis
is placed on foreign trade and private and
institutional foreign investment. It was the final
LPG policy to be implemented in India.
Having said that, globalization as a term is a
very complicated phenomenon. The main
objective is to transform the world into an
independent and integrated world by
defining various strategic policies.
Globalisation tries to create a world without
borders, where the needs of a country can
come from all over the world and become a
great economy.
15. BENEFITS OF
GLOBALISATION
• The biggest advantage of globalisation and its
outcome outsourcing is that large multinational
corporations or even small businesses can benefit
from good services at a lower rate than their country’s
standards.
• The skill set and the availability of the human resource
capital in abundance in India is regarded as the most
dynamic and effective throughout the world.
• The professionals in India are the best at what they
do.
• The low wage rate and highly skilled personnel have
made India the most favourable global outsourcing
destination in the subsequent phase of the reform.
• It has helped in the growth and development of the
tertiary sector of the economy and creation of more
jobs and employment for the people.
16. POLICIES PROMOTING
GLOBALISATION
• Increase in the equity limit for
foreign investments
• Partial convertibility
• Long-term business and trade
policy
• Reduction of tariffs
17. AN APPRAISAL OF
LPG POLICIES
1. Increase in
foreign
investment.
2. Increase in
foreign
exchange
reserves.
3. A check of
inflation.
4. Increase in
national income.
5. Increase in
exports.
6. Consumer
sovereignty.
18. NEGATIVE IMPACT OF
LPG POLICIES
1. Neglect of
agriculture.
2. Jobless
growth.
3. Increase
income
inequalities.
4. Adverse effect
of disinvestment
policy.
5. Spread of
consumerism.
6. Cultural
erosion.
7. Encourages
economic
colonialism