The new economic policy (NEP) refers to a set of transformational policy changes introduced by the Indian government in 1991 to reverse the then existing economic policies to achieve the country's macroeconomic objectives. In this chapter, we shall study the genesis of the new economic policy, its background and the early crisis management measures adopted by the government.

When economic historians set to write the chequered history of Indian economic development, they are bound to bifurcate the development process into the pre- and the post-liberalization periods. The new economic policy adopted at the fag end of the last century—with its constituents of liberalization, privatization and globalization—brought ...

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