ABSTRACT

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Till 1991 India was known as Closed Economy.Indian economy was in gross neglect. India had economic
crises, this is known as a “Balance of Payments Crisis” — meaning India was not able to balance its
accounts, imports were significantly high than exports. So New Economic policy (NEP) in 1991 was
introduced with the objective of making the economy more marketoriented and expand avenues, role of
the private and foreign investment.