Liberation to liberalisation – 1991

The liberalisation policy unveiled in July 1991, initiated wide ranging policy and regulatory reforms. Industry was freed from Licence Raj’, public sector monopoly was removed from most of the sectors, quantitative restrictions on imports were either reduced or removed completely, upper cap on sectoral FDI was raised considerably or removed completely, the number of industries reserved for small scale sector was pruned considerably and private investment was invited in sectors like electricity, telecommunications, roadways, ports, etc.

This article is an attempt to list out reform measures taken in major sectors.

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Source: Economic Research India Limited

Liberation to liberalisation – 1991