Question
Explain the nature and scope of New Economic Policy (NEP) of India
Answer :
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The New Economic Policy (NEP) of India refers to a series of economic reforms implemented in the country to liberalize and transform its economic landscape. The NEP was initiated in the early 1990s, marking a significant departure from the previously adopted socialist economic model. The nature and scope of the New Economic Policy are multifaceted, encompassing a range of economic sectors and policies aimed at fostering growth, efficiency, and global competitiveness.
Nature of the New Economic Policy:
1. Liberalization: One of the primary characteristics of the NEP is the emphasis on liberalizing the Indian economy. This involved reducing government intervention and control in various sectors, allowing for greater participation of private players. Key sectors like industry, trade, and finance were opened up to private
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