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Question
Explain Industrial development after 1991 reforms.
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Solution
- The year 1991 ushered a new era of the economic liberalization.
- India took major decision to improve the performance of the industrial sector.
- The Tenth and Eleventh five year plans witnessed a high growth rate of industrial production.
- The abolition of Industrial licensing, dismantling of price controls, dilution of reservation of small scale industries.
- Virtual abolition of monopoly law enabled Indian industry to flourish,
- The new policy welcomes foreign investments.
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