New Economic Policy — Liberalisation, Privatisation, Globalisation
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Central or state Act — primary legislation passed by the legislature. Carries binding force and shapes the rules under which citizens, institutions, and markets operate.
Summary
Finance Minister Manmohan Singh introduced sweeping economic reforms dismantling the License Raj, opening India to foreign investment, reducing import tariffs, and initiating privatisation of state-owned enterprises. This fundamentally transformed India's economy from a closed, state-controlled model to a market-oriented one.
Key Facts
TypeAct
SourceHistorical Record (Curated)
PublishedWednesday, 24 July 1991
Affected Population1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
Merchandise exports: $437 billion (2024-25)
Key Authorities
Key Stakeholders
Government Context
NDA IIIBJP-led NDA
LeftCentreRight