In 1990s the govt. of India in order to come out of the economic crisis decided to deviate from its previous economic policies and lean towards Privatization.
In July 1991 when the devaluation of Indian currency took place the govt. started announcing its new economic polices one after another. Though these polices pertained to different aspects of the economic field they had one thing in common.
The economic element was to orient the Indian system towards the world market. It is in this context the govt. launched its new economic policy which consisted of among other things three important features: Liberalization, Privatization and Globalization.
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