08-02-2013, 10:24 AM
THE NEW PHASE OF PLANNING: NEW ECONOMIC POLICY OF 1991
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lntroduction
In this chapter an attempt is made to analyse the economic and
political background of the New Economic Policy adopted by the
Government of India in 1991 and its various components.
As explained in the previous chapters, through planning Indian
economy made considerable achievements in the half century since
independence. I'hough the: population has more than doubled, agricultural
production has tripled and this prevented the occurrence of large-scale
famines. The industrial. base became much more diversified than what it
was in 195 1. while the volume of industrial production increased more than
15 times. And the per-capita income of Indians has increased more than
twice ever since 1950-51. Life expectancy rate has almost tripled as a
consequence of the substantial fall in the Death Rate and improvements in
the standard of living of the people.