Tag: history

On July 24, 1991, Government of India announced its new industrial policy with an aim to correct the distortion and weakness of the Industrial Structure of the country that had developed in 4 decades; raise industrial efficiency to the international level; and accelerate industrial growth. The NIP does away with licensing for all major industries, irrespective of the investment level, proposes liberal foreign investment, dispenses with the Monopolies and Restrictive Trade Practices (MRTP)  clearances but curbs unfair trade practices and emphasis technological up-gradation.

The World Bank is a vital source of financial and technical assistance to developing countries around the world. The bank predominantly acts as an organization that attempts to fight poverty by offering developmental assistance to middle and low-income countries.

The International Monetary Fund (IMF) is an international organization.  It has its headquarters in Washington, D.C., USA.  IMF consisting of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. 

The Government announced a new industrial policy on July 24, 1991. The basic philosophy of the new policy has been summed up as 'continuity with change'. The main objective was to plunge the Indian economy into the field of 'Globalization and to give it a new drive on market orientation. The new economic policy intended to reduce the rate of inflation and to remove imbalances in payment.

The International Finance Corporation (IFC) is part of the World Bank Group. It is the largest global development institution focused on private sector development in low income and other emerging markets helping to generate productive jobs and deliver essential services to the undeserved.

The Maastricht Treaty is officially the Treaty on European Union, it was signed on 7 February 1992 by the members of the European Communities in Maastricht, Netherlands, to further European integration. It established the European Union.
European citizenship was created, allowing citizens to reside in and move freely between the Member States. a common foreign and security policy was established. closer cooperation between police and the judiciary in criminal matters was agreed.

The International Monetary Fund (IMF) was established in 1945 as an international fund for economic cooperation which was a result of the Bretton Woods Conference held in the year 1944.

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has its Headquarters in Bangkok, Thailand .The Commission maintains five subregional offices in order to better target and deliver programs.

IMF loans are meant to help member countries tackle balance of payments problems, stabilize their economies, and restore sustainable economic growth. The IMF is not a development bank and, unlike the World Bank and other development agencies, it does not finance projects.

India was facing major BOP deficit issues since $1985$ and had borrowed from international bodies heavily to solve to BOP problem. However, it kept on rising and by the end of 1990 it turned in to serious crisis like situation. The foreign exchange reserves were at an all time low and the IMF refused to provide further assistance.