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The New Industrial Policy of 1991 marked a major turning point in India’s economic and industrial development. Introduced in response to a severe balance of payments crisis, the policy aimed to liberalize the economy, encourage private sector participation, and integrate India with the global market. It reduced excessive government control and shifted the focus from a regulated economy to a market-oriented system. One __________ _________ _________ ____ _____ ___ __________ __________.
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