Describe India’* economic situation during 1990 – 91
During 1990 – 91 India faced serious economic problems
The huge deficit in trade balance, declining foreign exchange reserves, severe inflation , and very high budget deficit crippled the Indian economy and also life of the people.
The need for reforming economic policy was widely felt and hence the new economic policy was initiated in 1991 the new economic policy is called “economic reforms”.
