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essay Economic reforms impart economic freedom ssc chsl tier 2

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Essay Economic reforms impart economic freedom ssc chsl tier 2

Essay Economic reforms impart economic freedom ssc chsl tier 2

In 1991, India resorted to major economic reforms of “Liberalization, Privatization, Globalization” to revive its weakened economy hampered due to sluggish economic growth. The introduction of the GST regime in 2017 with the slogan “One nation, one tax, one market” was another historical milestone achieved in economic reforms.

 

Privatization opens up the economy for domestic industrialists to venture into permitted activities. The delicensing of some industries also leads to a hassle-free setup of such industries. The government has eased restrictions on FDI limits to attract more foreign investors.

 

India has been able to access the global markets, export its quality products, import the required goods due to economic freedom resulting from economic reforms.

 

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