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national economic policy of india 1991
1991 was a turning point in the modern history of the country, but not for all the right reasons. For the first time an economic policy to liberalise the Indian economy and pave the way for it’s interaction with the global economy, was unleashed. [ The New Economic Policy announced on July 24th 1991 by the Congress Government included structural adjustment measures including the devaluation of rupee, increase in interest rates, reduction in public investment and expenditure, reduction in public sector food and fertilizer subsidies, increase in imports and foreign investment in capital
intensive and high-tech activities. While introducing the New economic policy the Govt. presented a very rosy picture depicting the human face factor and emphasizing that the new economy will be a boon to the unorganized sector bringing more jobs and opportunities. The unorganized sector constitutes around 93% of the total working population of the nation. The Govt. tried to garner the support of this vital sector. It was simply a policy against the organized sector with the emotional support of unorganized sector. Organised trade union movement in India unfortunately is divided on political lines and hence it could not counter the Govt move effectively. The other feature of our organized Trade Union movement is to oppose every initiative undertaken by the Government so when the Govt. initiated disinvestment in loss making enterprises some trade unions opposed and demanded that the cost be borne by the Govt. Similarly when 2nd National Labour Commission was appointed some trade unions opposed and did not fill the questionnaire. HMS took a positive approach, projected its objections on the terms of reference etc. but filled up the questionnaire. ]
Expert answered|jeifunk|Points 8390|
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