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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

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Finance & Economy671 tracked→Trade & Commerce145 tracked→Governance & Reform175 tracked→

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