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...Unit ii economic reforms since chapter liberalisation privatisation and globalisation an appraisal indian development independence india followed the mixed economy framework by combining advantages of both capitalist socialist planned system this policy resulted in establishment various rules laws which were aimed at controlling regulating became major hindrances growth however some scholars state that increasing role public sector activities has helped to achieve savings develop a diversified industrial produces variety goods food security through sustained expansion agricultural output government initiated series due financial crisis pressure from international organisations like world bank imf these came be known as new nep need for fall foreign exchange reserves met with or external debt was not able make repayments on its borrowings abroad b declined level adequate finance imports more than two weeks pay interest needs paid lenders origin can traced inefficient management s polici...