SYLLABUS: GENERAL STUDIES PAPER 3 (ECONOMICS) CONTEXT: Thirty years ago, the liberalization regime launched in 1991 completed its 30 years in 2021. A severe balance of payments problem triggered an acute economic crisis that year. Three decades later, the pandemic-induced lockdown brought the wheels of economic activity to a grinding halt, triggering a sharp economic contraction in the first half of the fiscal year. BACKGROUND: LPG reforms: India's New Economic Policy was announced on July 24, 1991 known as the LPG or Liberalisation, Privatisation and Globalisation model. Liberalization-It refers to the process of making policies less constraining of economic activity....Read More

Syllabus: General Studies Paper 3 (Economics) Context: Thirty years ago, the liberalization regime launched in 1991 completed its 30 years in 2021. A severe balance of payments problem triggered an acute economic crisis that year. Three decades later, the pandemic-induced lockdown brought the wheels of economic activity to a grinding halt, triggering a sharp economic contraction in the first half of the fiscal year. Background: Lpg reforms: india's new economic policy was announced on july 24, 1991 known as the lpg or liberalisation, privatisation and globalisation model. Liberalization-it refers to the process of making policies less constraining of economic activity....Read More