ll 🙏🏻 नमस्ते 🙏🏻 ll

India 🇮🇳 1991 me ek बहुत बड़ी financial crises se गुजर रहा tha तभी Indian Government ने LPG (Liberalization, Privatisation, and Globalization) ko announce 📢 कया and everything changed. For that change, India took almost more than 10 years to revive. So हमारा इस article 📰 ka topic LPG मैं से first L i.e. Liberalization.

Liberalization को ham ek example से समझेंगे l Aap jab 10 saal ke थे तब आप पर काफी restrictions 🚫 थी l Aapko bahar 🚷 जाना भी banned था l Lekin jaise jaise aap बड़े होते चले गए aapke restriction हटा दिए गए l इस restrictions हटाने के process ko liberalization कहा जाता है l

Definition of Liberalization for India 🇮🇳 is to convert itself from a socialist economy to a free economy. Liberalization means removing all unnecessary controls and restrictions like permits, licenses, quotas, etc. imposed by the government. Liberalization is a change in the economic philosophy of a state. ‘Change’ but कौनसे? Let’s discuss
• A change from a centrally – planned economy to a market-led economy.
• A change from a nationalized system to a privatized system.
• A change in the attitude of the state towards an industrial 🏭 society.
• A change from stricter government intervention to minimal government intervention.

आपको Liberalization actual me kya hota hai yah to समझ में आया होगा l So most important इसको किस methods se implement किया जाता है वह हम देखेंगे l Jisme Entry और Exit यह दो important points आते हैं वह ham discuss करेंगे l

Entry

Liberalization के process मैं socialist economy से free economy मैं Entry करने के लिए हमें Economic Reforms ko introduce करना होता है l जो हम दो type me kar सकते हैं l इस improvement system को IMF (International Monetary Fund) aur World bank ne suggest किया है l

Type 1 – Macroeconomic Stabilization

The crisis-ridden economy needs to stabilize before it can embark on a free economy. The stabilization process is known as Macroeconomic Stabilization. Domestic supply domestic demand को fulfill नहीं कर सकता so हम demand को fulfill karne ke liye needs ko import करते हैं but उससे भी demand fulfill नहीं होती l Attempting to meet this demand is a Macroeconomic Stabilization. Macroeconomic Stabilization is belonging to Demand Management.

How do we manage demand?

1) Inflation Control: – Demand is being curtailed as the economy needs to pursue a monetary policy. 1990-91 मे inflation rate India मे तकरीबन 10.1% था l So government inflation rate to control करने लगी l
2) BOP (Balance of Payment) Adjustment: – If imports are more than exports so we have to focus on controlling or reducing the trade deficit and try to balance the trade between countries. For that, we could use Foreign Loans. In 1991 India ने trade deficit को control करने के लिए Bank of England, Bank of Japan, Bank of Switzerland, World bank aur IMF se loan लिया था और trade deficit ko control किया था l
3) Currency Devaluation: – After the adoption of a free economy, it is necessary to devalue the currency 💱💲 in stages. India ने 1, 3 और 15 July 1991 को Rupees को devalue किया था l
4) Inflation Control, BOP Adjustment, and Currency Devaluation are the solutions for Macroeconomic Stabilization.

Type 2 – Structural Adjustment Programs (SAPs)

The economy, which has been stabilized due to the macroeconomic targets, is being driven on the road 🛣️ to a free economy, and the reforms that are being implemented to speed the reforms are included in the Structural Adjustment Programs. Domestic demand is temporarily fulfilled by macroeconomic stabilization. Now is to the increased supply. SAPs are belonging to supply management.

How do we manage Supply?

1) Trade and Capital Inflow Reforms: – Import करते वक्त लगने वाले restrictions ko sabse पहले हटाना होगा l We have to liberalize import and also focus on less restricted FDI (Foreign Direct Investment) inflow. An import tax was taxed up to 110% on non-agricultural goods which are reduced step by step. In 2007-08 tax was only 10%.
2) Industrial Reforms: – The Process of economic reform requires the hesitation of public enterprises and the expansion of private enterprises by redefining wages. Industries 🏭 are encouraged to become more competitive. 24 July 1991 के new industrial policies से industrial reforms ko शुरुआत हुई l Private industries ko encourage किया गया l MSMEs was triggered.
3) Tax Reforms: – The tax system should be one that drives domestic production and complements Globalization. India की tax system काफी complex थी l Many taxes were levied. Tax percentage भी काफी high थे l 1991 के bad step-by-step tax के rate kam किए जाएं l
4) Fiscal Reforms: – The government has to curb spending and reduce unproductive spending like subsidies. Fiscal Reforms in India were accelerated in 1991 especially after 2003-04 by FRBM Act (The Fiscal Responsibility and Budget Management Act).
5) Monetary Reforms and Financial Reforms: – Monetary regulation should be a stimulus to the economy and should stabilize the economy. Financial aur Banking Reforms ke restrictions ko hata kar reforms को accelerate करना जरूरी होता है l 1991 के बाद various monetary reforms implement किए गए l Monetary Policy Committee ko establish किया गया l CRR और SLR पर होने वाले restrictions ko remove kar दिया गया l Private and foreign banks were allowed to set up the bank 🏦 and restriction to set up the bank was relaxed.
7) Planning Reforms: – Socialist Economy मैं planning centralized होती है l Free economy me planning ko decentralized क्या जाता है l Adoption of Indicative Self-Planning after 1992 strengthening Local by Amendment 73rd and 74th Amendments and establishment of Niti Aayog instead of Planning Commission.
8) Privatization: – Public Enterprise को disinvestment करना जरूरी है l Nationalization facilitates access to the free economy. After 1991, India adopted a policy of reform and disinvestment of public enterprises.

ऊपर दिए गए सभी types SAPs के under आते हैं l

Exit

जिस प्रकार से free economy me enter करने के लिए ‘Entry’ important होती है उसी प्रकार से socialist economy se completely बाहर निकलना important होता है l Issi ko ‘Exit’ kaha जाता है l

Example: – India मैं अभीभी nationalized banks 🏦 ke privatization incomplete है l Nationalized banks loss अभी loss face कर रही है l Indian government ke pass बहुत बड़ा share इन banks मे है l

Unnecessary banks के loss Government of India को face करने पड़ते हैं l So हमें यहां पता चलता hai ki India is not completely free economy.

Conclusion

Hame Liberalization को establish karne के लिए कुछ steps follow करनी पड़ेगी l
Inflation Control > BOP Adjustment > Currency Devaluation > Trade and Capital Inflow Reforms > Industrial Reforms > Tax Reforms > Fiscal Reforms > Monetary Reforms and Fiscal Reforms > Planning Commission > Privatisation.

Hope आपको article 📰 helpful लगा होगा l Economics के concept को समझना काफी important होता है l Kuch concept ko समझना काफी hard होता है l Ham Turtledome.in मे concept ko easily समझते हैं l Privatization को हम अगले article मे देखेंगे l तब तक Happy 😊 Reading………

ll 🙏🏻 धन्यवाद 🙏🏻 ll

– j₹k

+7

3,914 Comments

แก้จมูก · May 25, 2023 at 9:02 PM

Very nice post. I simply stumbled upon your weblog and wanted to say that I have really enjoyed surfing around your blog posts. After all I will be subscribing for your rss feed and I hope you write again very soon!

0

rinjani trekking company · May 25, 2023 at 4:12 PM

Do you mind if I quote a few of your articles as long as I provide credit and sources back to your website? My website is in the very same niche as yours and my users would certainly benefit from a lot of the information you present here. Please let me know if this okay with you. Cheers!

0

motorsport college · May 25, 2023 at 4:07 PM

I was reading some of your articles on this site and I think this site is real informative! Continue putting up.

0

coconut oil for body benefits · May 25, 2023 at 2:14 PM

My spouse and I absolutely love your blog and find most of your post’s to be just what I’m looking for. can you offer guest writers to write content for you personally? I wouldn’t mind composing a post or elaborating on many of the subjects you write about here. Again, awesome website!

0

how to hire a hacker · May 25, 2023 at 11:28 AM

Hello, Neat post. There’s a problem along with your web site in web explorer, might test this?K IE nonetheless is the market chief and a large component of people will omit your fantastic writing because of this problem.

0

δερμάτινες παντόφλες · May 25, 2023 at 4:24 AM

You could definitely see your skills in the work you write. The world hopes for more passionate writers such as you who aren’t afraid to say how they believe. Always go after your heart. “What power has law where only money rules.” by Gaius Petronius.

0

百富娛樂城 · May 23, 2023 at 2:59 PM

I?¦ve been exploring for a little for any high-quality articles or weblog posts on this sort of house . Exploring in Yahoo I eventually stumbled upon this web site. Studying this information So i am happy to express that I have an incredibly just right uncanny feeling I found out just what I needed. I such a lot definitely will make certain to don?¦t put out of your mind this web site and provides it a look on a relentless basis.

0

百富娛樂城 · May 23, 2023 at 2:14 PM

Hi, Neat post. There is an issue with your web site in internet explorer, would test thisK IE still is the market leader and a good portion of other folks will pass over your excellent writing because of this problem.

0

spa massage therapy · May 20, 2023 at 7:20 PM

F*ckin’ remarkable things here. I’m very satisfied to peer your post. Thank you a lot and i am looking forward to touch you. Will you please drop me a mail?

0

scottfoldmunchkins.tripod.com · May 20, 2023 at 2:53 PM

I like the helpful info you provide in your articles. I’ll bookmark your weblog and check again here frequently. I am quite certain I will learn many new stuff right here! Good luck for the next!

0

tallahasseecatering.com · May 20, 2023 at 1:28 PM

Great post. I am facing a couple of these problems.

0

slot gacor rakyat · May 20, 2023 at 5:51 AM

You made some nice points there. I looked on the internet for the issue and found most individuals will go along with with your website.

0

slot gacor rakyat · May 20, 2023 at 4:13 AM

obviously like your web site however you need to take a look at the spelling on several of your posts. Many of them are rife with spelling problems and I to find it very bothersome to inform the reality however I will definitely come back again.

0

https://superiorpainting.net/ · May 20, 2023 at 3:59 AM

I love your blog.. very nice colors & theme. Did you create this website yourself? Plz reply back as I’m looking to create my own blog and would like to know wheere u got this from. thanks

0

https://webyoda.com/ · May 20, 2023 at 2:28 AM

I went over this web site and I conceive you have a lot of good information, saved to favorites (:.

0

bukde,deposit tanpa potongan · May 20, 2023 at 2:17 AM

We’re a group of volunteers and opening a new scheme in our community. Your web site provided us with helpful information to work on. You have done an impressive activity and our entire community will probably be grateful to you.

0

slot gacor hari ini · May 20, 2023 at 1:00 AM

Wonderful web site. A lot of helpful information here. I am sending it to several friends ans also sharing in delicious. And naturally, thanks on your sweat!

0

Michael Endecott · May 9, 2023 at 9:46 PM

What i don’t understood is actually how you are not really much more well-liked than you might be now. You are so intelligent. You realize therefore considerably relating to this subject, made me personally consider it from so many varied angles. Its like women and men aren’t fascinated unless it’s one thing to accomplish with Lady gaga! Your own stuffs nice. Always maintain it up!

0

נערות ליווי · April 12, 2023 at 12:18 AM

I was very pleased to uncover this great site. I need to to thank you for ones time for this fantastic read!! I definitely appreciated every bit of it and I have you bookmarked to look at new information on your blog.

0

vorbelutrioperbir · March 20, 2023 at 6:40 AM

Some genuinely wondrous work on behalf of the owner of this site, absolutely great content.

0

Leave a Reply

Your email address will not be published. Required fields are marked *

You cannot copy content of this page