Why India removed trade barrier by 1991 ? -SST 10th

Why India removed trade barrier by 1991 ? -SST 10th
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Answer :

'In the New Economic Policy of 1991, India removed trade barriers because: • India was lacing a serious economic crisis in 1990-91 because of slow economic growth, inefficient public enterprises, high inflation and rising fiscal deficit. • There was also pressure of powerful international organisations like IMF, WTO, etc. to liberalise the Indian economy. • The government felt that domestic producers were ready to compete with foreign industries. • The government felt that foreign competition would in fact improve the quality of goods.
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