{"id":9916,"date":"2018-02-14T15:45:16","date_gmt":"2018-02-14T10:15:16","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=9916"},"modified":"2019-10-07T16:48:43","modified_gmt":"2019-10-07T11:18:43","slug":"economic-reform-since-1991-class-11-notes-economics","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/","title":{"rendered":"Economic Reform Since 1991 class 12 Notes Economics"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/#Economic_Reform_Since_1991_class_12_Notes_Economics\" >Economic Reform Since 1991 class 12 Notes Economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/#Revision_Notes_for_Class_12_Economic_Reform_Since_1991\" >Revision Notes for Class 12 Economic Reform Since 1991<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/#Measures_of_New_Economic_policy\" >Measures of New Economic policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/#Economic_reforms_under_liberalisation\" >Economic reforms under liberalisation.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/#Objectives_of_Privatisation\" >Objectives of Privatisation:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/#An_Appraisal_of_LPG_Policies\" >An Appraisal of LPG Policies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/#World_Trade_OrganisationWTO\" >World Trade Organisation(WTO)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/#Revision_Notes_for_Class_12_%E2%80%93_Free_PDF_Download\" >Revision Notes for Class 12 \u2013 Free PDF Download<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>Economic Reform Since 1991 class 12 Notes Economics<\/strong> in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides Economic Reform Since 1991 class 12 Notes Economics latest chapter wise notes for quick preparation of CBSE exams and school based annual examinations. Class 12 Economics notes on Chapter 12 Economic Reform Since 1991 class 12 Notes Economics are also available for download in CBSE Guide website.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economic_Reform_Since_1991_class_12_Notes_Economics\"><\/span>Economic Reform Since 1991 class 12 Notes Economics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download CBSE class 12th revision notes for Economic Reform Since 1991 in PDF format for free. Download revision notes for Economic Reform Since 1991 class 12 Notes Economics and score high in exams. These are the Economic Reform Since 1991 class 12 Notes Economics prepared by team of expert teachers. The revision notes help you revise the whole chapter in minutes. Revising notes in exam days is on of the best tips recommended by teachers during exam days.<\/p>\n<p style=\"text-align: center;\"><strong><a class=\"button\" href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-revision-notes\/7\/\">Download Revision Notes as PDF<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Revision_Notes_for_Class_12_Economic_Reform_Since_1991\"><\/span>Revision Notes for Class 12 Economic Reform Since 1991<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Economic Reforms:<\/strong><\/p>\n<p>Economic reforms or structural adjustment is a long term multi dimensional package of various policies (Liberalisation, privatisation and globalisation) and programme for the speedy growth, efficiency in production and make a competitive environment. Economic reforms were adopted by Indian Govt. in 1991.<\/p>\n<p><strong>Factor\u2019s responsible for Economic reforms.<\/strong><\/p>\n<p>1. Fall in foreign exchange reserve : as imports grew faster than exports<br \/>\n2. Adverse balance of payments resulted repayment crisis<br \/>\n3. Mounting fiscal deficit as govt. expenditure grew faster than revenue<br \/>\n4. Rise in prices, which has the negative impact on Investment.<br \/>\n5. Failure of public enterprises:- very low return on high Investment<br \/>\n6. Gulf crisis increases crude oil prices which negatively affected BOP.<br \/>\n7. High rate of\u00a0deficit financing<br \/>\n8. Collapse of soviet block.<\/p>\n<p><strong>New Economic Policy:-<\/strong> It refers to economic\u00a0reforms introduced since 1991 to improve the productivity and profitability of economy and to make it globally competitive.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Measures_of_New_Economic_policy\"><\/span><strong>Measures of New Economic policy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><u>Stabilisation measures:<\/u> These are short run measures introduced by Govt to control rise in price, adverse balance of payment and fall in foreign ex-change reserve.<\/p>\n<p><u>Structural adjustment:<\/u> These are long run policies, aimed at improving the efficiency of the economy and increasing its international competiveness\u00a0by removing the rigidity in various segment of the Indian economy.<\/p>\n<p>In the new economic policy 1991, Structural reforms can be seen with respect to.<br \/>\n1. Liberalisation.<br \/>\n2. Privatisation<br \/>\n3. Globalisation.<\/p>\n<p><strong>Liberalisation<\/strong><br \/>\nLiberalisation means removing all unnecessary control and restrictions like permits licences, protectionist duties quotas etc. In other words, It may\u00a0defined as loosening of govt. regulation in a country to allow for private sector companies to operate business transactions with fewer restrictions.<\/p>\n<p><strong>Objectives of liberalisation :-\u00a0<\/strong><br \/>\n1. To decrease debt burden of the country<br \/>\n2. To expand size of the market<br \/>\n3. To increase\u00a0competition among domestic industries<br \/>\n4. To encourage export and import of goods and services.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Economic_reforms_under_liberalisation\"><\/span><strong>Economic reforms under liberalisation.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>1. Industrial sector reforms<\/p>\n<ul>\n<li>Abolition of Industrial Licensing<\/li>\n<li>Contraction\u00a0off Public Sector<\/li>\n<li>Freedom to Import capital goods<\/li>\n<\/ul>\n<p>2. Financial sector reforms.<\/p>\n<ul>\n<li>Reducing various Ratios(SLR, CRR)<\/li>\n<li>Change in role of RBI from regulator\u00a0to facilitator<\/li>\n<li>De-regulation of interest rates<\/li>\n<\/ul>\n<p>3. Fiscal reforms\/Tax reforms<br \/>\n4. Foreign exchange reforms<\/p>\n<ul>\n<li>Devaluation of rupee<\/li>\n<\/ul>\n<p>5. Trade and investment reforms.<\/p>\n<p><strong>Privatisation<\/strong><br \/>\nPrivatisation is the general process of involving the private sector in the ownership or operation of a state owned enterprises.<br \/>\nPolicies adopted for privatisation<br \/>\n1. Contraction of public sector.<br \/>\n2. Abolish the ownership of Govt. in the management of public enterprises.<br \/>\n3. Sale of shares of public enterprises.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Objectives_of_Privatisation\"><\/span><strong>Objectives of Privatisation:-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>1. Raising funds from Disinvestment<br \/>\n2. Improving the financial condition of\u00a0the govt.<br \/>\n3. Bringing healthy competition within an economy<br \/>\n4. Making Way for Foreign Direct Investment<\/p>\n<p><strong>Globalisation<\/strong><br \/>\nGlobalisation may be defined as a process associated with increasing openness, growing economic interdependence and deepening economic integration in the world economy.<\/p>\n<p>Policy promoting globalisation.<br \/>\n1. Increase in equity limit of foreign investment.<br \/>\n2. Partial convertibility.<br \/>\n3. Long term trade policy.<br \/>\n4. Reduction in tariff.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"An_Appraisal_of_LPG_Policies\"><\/span><strong>An Appraisal of LPG Policies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>1. Increase in foreign investment.<br \/>\n2. Increase in foreign exchange reserves.<br \/>\n3. A check of inflation.<br \/>\n4. Increase in national income.<br \/>\n5. Increase in exports.<br \/>\n6. Consumer sovereignty.<\/p>\n<p><strong>Negative Impact:<\/strong><br \/>\n1. Neglect of agriculture.<br \/>\n2. Jobless growth.<br \/>\n3. Increase income inequalities.<br \/>\n4. Adverse effect of disinvestment policy.<br \/>\n5. Spread of consumerism.<br \/>\n6. Cultural erosion.<br \/>\n7. Encourages economic colonialism<\/p>\n<h3><span class=\"ez-toc-section\" id=\"World_Trade_OrganisationWTO\"><\/span><strong>World Trade Organisation(WTO)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>World Trade Organisation, as an institution was established in 1995. It replaced General Agreement on Trade and Tariffs (GATT) which was in place since 1946.<br \/>\nThe overriding objective of the World Trade Organisation is to help trade flow smoothly, freely, fairly and predictably; to meet its objective WTO performs the following functions:-<\/p>\n<ul>\n<li>\u00a0Administering W.T.O Trade Agreements.<\/li>\n<li>\u00a0Acting as a Forum for trade negotiations.<\/li>\n<li>Settling and Handling Trade disputes<\/li>\n<li>Monitoring\u00a0 and reviewing national trade policies,<\/li>\n<li>Assisting the member in trade policies through technical assistance and training programmes<\/li>\n<li>Technical assistance and training for developing countries.<\/li>\n<li>\u00a0Co-operation with other International Organisation<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Revision_Notes_for_Class_12_%E2%80%93_Free_PDF_Download\"><\/span>Revision Notes for Class 12 \u2013 Free PDF Download<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Economic Reform Since 1991 class 12 Notes Economics. CBSE quick revision note for class-12 Mathematics, Physics, Chemistry, Biology and other subject are very helpful to revise the whole syllabus during exam days. The revision notes covers all important formulas and concepts given in the chapter. Even if you wish to have an overview of a chapter, quick revision notes are here to do if for you. These notes will certainly save your time during stressful exam days.<\/p>\n<ul>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physics\/1251\/cbse-revision-notes\/7\/\">Physics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-chemistry\/1267\/cbse-revision-notes\/7\/\">Chemistry<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-mathematics\/1284\/cbse-revision-notes\/7\/\">Mathematics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-biology\/1298\/cbse-revision-notes\/7\/\">Biology<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-accountancy\/1315\/cbse-revision-notes\/7\/\">Accountancy<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-revision-notes\/7\/\">Economics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-business-studies\/1727\/cbse-revision-notes\/7\/\">Business Studies<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-computer-science\/1851\/cbse-revision-notes\/7\/\">Computer Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-informatics-practices\/1873\/cbse-revision-notes\/7\/\">Informatics Practices<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-english-core\/1855\/cbse-revision-notes\/7\/\">English Core<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-history\/1869\/cbse-revision-notes\/7\/\">History<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physical-education\/1877\/cbse-revision-notes\/7\/\">Physical Education<\/a><\/li>\n<\/ul>\n<p>To download\u00a0 sample paper for class 12 Chemistry, Physics, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies, and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT solutions, NCERT Exemplar solutions, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economic Reform Since 1991 class 12 Notes Economics in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides Economic Reform Since 1991 class 12 Notes Economics latest chapter wise notes for quick preparation of CBSE exams and school based annual examinations. Class 12 Economics notes on &#8230; <a title=\"Economic Reform Since 1991 class 12 Notes Economics\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/economic-reform-since-1991-class-11-notes-economics\/\" aria-label=\"More on Economic Reform Since 1991 class 12 Notes Economics\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":9865,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1437,456],"tags":[457,150,1483,756,650,426,240],"class_list":["post-9916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics-cbse-class-12","category-revision-notes","tag-cbse-notes","tag-cbse-notes-and-key-points","tag-class12","tag-economic-reform-since-1991","tag-economics-notes","tag-quick-revision","tag-quick-revision-notes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Economic Reform Since 1991 class 12 Notes Economics<\/title>\n<meta name=\"description\" content=\"Economic Reform Since 1991 class 12 Notes Economics in PDF format for free download. 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