Question

"zero Deffect Zero effect (ZED) is a slogan coined by the prime minister of india, narenger Modi with referance to the make in India initiative launched by the government. The slogan reflects the efficiency of production processes, i.e., the products have no defects and the process through which the product is made has zero adverse environmental and ecological effects. the Zed model alms to make india the manufacturing hub of the world and prevent the products developed in india from being rejected by the global market. moreover, before the initiative was launched, the limits of foreign direct invenstment in various sectors had bee relaxed. the application for licences was made available online and the validity of licences was increased to three years. various other norms and procedures were also relaxed by the government. In the light of above paragraph, identify and explain the major compoent of new economic policy of 1991 that are being referred to by quotting lines from the paragraph.

Answer 1

The major compoents of New economic Policy of 1991 that are being referred to are as follows
(i) Liberalisation : The economic reforms signaled the end of the licence permit quota raj and were aimed at liberalising the indian business and insdustry from all unnecessary controls and restriction.
"Moreover, before the initiative was launched, the limits of foreign direct investment in various sectors has beer relaxed. the application for licence was made available onlin and the validity of licenses was increased to three years. various other norms and procedures were also relaxed by the government.
(ii) Globalisation. Globalisation means the integration of the various economics of the world leading towards the emergence of a cohesive global economy.
"The ZED model aims to make india the manufacturing hub of the world and prevent the product developed in india from being rejected by the global market "