Vol. 1, Issue 4, Part E (2015)

Abstract
Economic Policy and economic reform over the last few decades has been motivated by need to accelerate growth – The present paper mainly stress on growth of Indian Economy increase in competitiveness, efficiency & productivity due to new economic policy . The decade preceding economic reforms announced in July 1991, had seen an acceleration in economic growth, but the relatively high rate of growth of GDP was also associated with macroeconomic imbalance. These imbalances increases the fiscal deficits and current accounts deficit of balance of payment which gave rise to public debt, inflation. To control all these same stabilization measures were used and government of India formulated and implemented a new Economic policy. But this policy does not make any reference to India’s problems of unemployment, poverty, illiteracy, ill health. The major emphasis is a privatization, liberalization, increased exports and enhanced foreign aid. So in this paper, an attempt has been made to study the impact of economic reforms.