UPSC Mains 30 Years Economic Reforms | Part 1 | Dr. Vibhas Jha I Indian Economy

Описание: Dear IAS Aspirants

July 2021 marks the 30th anniversary of the historic economic reforms in India.

The country was facing an acute economic crisis, due to an increase in world crude oil prices
and a sharp reduction in the forex reserve due to a sharp decline in capital inflows. The government brought in policy reforms to speed up economic growth. The reforms began with the devaluation of the rupee on July 1, 1991, followed by a second round of transfer of a total of 46.91 tonnes of gold from the reserve assets of the RBI in Mumbai to the Bank of England, which enabled India to borrow $400 million to solve its liquidity problems.

The government announced a new industrial policy to liberalise the economy, increase employment opportunities, boost production and productivity, make Central public sector
units more competitive, and encourage foreign investments. The policy had deregulated the
industrial sector substantially.

In this video, Dr. Vibhas Jha will be critically analysing the topic – 30 years of economic
reforms, 1991.
The discussion will also give you an insight on mains answer writing. Topics covered will
be 
A) Reasons for Economic Crisis of 1991
1. High Fiscal Deficit
Crowding out Effect
Crowding In effect
2. Very High Inflation
3. Very High Current Account Deficit
4. Very High amount of short term foreign loans.
5. Disintegration of USSR
B: The Crisis
C: Economic Reforms
1. Micro Economic Structural Reforms
      2. Macro-Economic Stabilization
D. Liberalisation, Privatisation, Globalisation.

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Dr. Vibhas Jha is a senior faculty of Economics (Optional) and Indian Economy (GS) at NEXT IAS. He is well known for his excellent conceptual clarity and presentation skills with an enormous teaching experience of over 21 years. He has guided a lot of successful candidates including top rankers.
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