Q.State the branches of New Economic Policy.

Before 1991, India followed a heavily regulated economic model, often called the Licence-Permit-Quota Raj, in which private businesses needed government licences and permits for most major decisions, and foreign trade and investment were tightly restricted. By 1990-91, accumulated inefficiencies, a large fiscal deficit, mounting external debt, and a sharp rise in global oil prices around the Gulf crisis pushed India's foreign exchange reserves to a critically low level, producing a Balance of Payments crisis. In response, the Government of India announced a Ne …