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When was the New Economy Policy (NEP) announced?

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a

1990

b

1991

c

1992

d

1993

answer is B.

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Detailed Solution

The New Economic Policy (NEP) of India was announced in 1991. It was announced by the then finance minister, Manmohan Singh, given the challenges and instabilities faced by the Indian Economy in the 1990s. It was considered necessary to bring the national Economy to par with the world economy and increase domestic manufacturers' efficiency and competitiveness. It was felt that opening up the Economy for foreign MNCs would bring sufficient competition required to improve the performance and quality of producers. The main branches of the New Economic Policy of 1991 were Liberalisation, Privatisation, and Globalization.

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When was the New Economy Policy (NEP) announced?