Which of the following is a structural reform under the 1991 policy?
Privatization of public sector units
The New Economic Policy of 1991 had two sets of measures. Stabilisation measures were short-term steps to correct the balance-of-payments crisis and inflation — such as the devaluation of the rupee and cuts in subsidies to reduce the fiscal deficit.
Structural reform measures were long-term steps to improve efficiency by changing the structure of the economy, summed up as LPG — Liberalisation, Privatisation and Globalisation. Privatisation (disinvestment of public sector units and opening reserved industries to private players) is a structural reform.
Imposition of export duties is contrary to the 1991 thrust of trade liberalisation and was not a reform measure.
Hence, the answer is Privatization of public sector units.
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Select the correct answer using the codes given below:
