KVS Class 11 Economics Ch 3 LPG Reforms 1991 COMPLETE Revision in 8 Mins! NCERT CBSE KVS

This video is a COMPLETE One-Shot Revision of KVS Class 11 Economics Chapter 3: Liberalisation, Privatisation and Globalisation (LPG) - An Appraisal, based on the NCERT/CBSE curriculum. This concise revision session (7 minutes 46 seconds) covers the critical 1991 economic reforms in India that pulled the nation back from the brink of financial collapse. Video Highlights (Key Topics Covered): The 1991 Crisis: Understanding the severe Balance of Payments Crisis where India's foreign exchange reserves had dropped to only cover 14 days of imports [00:35]. The crisis was caused by excessive government borrowing and spending over income during the 1980s [01:40]. The IMF Bailout: India was forced to seek a $7 billion emergency loan from the World Bank and the International Monetary Fund (IMF), which came with strict conditions for radical economic surgery [02:21]. The LPG Prescription: The three powerful ingredients of the New Economic Policy: Liberalisation (L): Freeing the economy by tearing down the License Raj (government permission for almost everything), cutting tax rates, and lowering tariffs on imports [03:23]. Privatisation (P): Moving government-owned companies into private hands, primarily through Disinvestment (selling government shares), to improve efficiency and raise revenue [04:10]. Globalisation (G): Integrating India with the world economy, which led to an explosion in Outsourcing as India's skilled, English-speaking talent was connected globally [04:36]. The Report Card (Post-1991): Successes: Significant acceleration in GDP growth, a massive surge in Foreign Investment (from $100 million to $30 billion by 2017), and the Services Sector becoming the new engine of the economy [05:11]. Failures (Appraisal): Critics argue the reforms led to a "Two Indias" story, characterized by jobless growth and a widening of economic disparities among people and regions. Public spending on crucial sectors like health and education was squeezed [06:00]. Key Question: The video addresses why the role of the Reserve Bank of India (RBI) shifted from a "strict controller" to a "facilitator" of the financial system [06:34]. Detailed Timestamps ⏱️: [00:00] Introduction: India at the Edge of a Cliff [00:35] The 2-Week Countdown: Foreign Exchange Crisis [01:13] Symptoms of the Crisis: Balance of Payments & Debt [02:21] The IMF Prescription: New Economic Policy [03:23] Liberalisation: Tearing Down the License Raj [04:10] Privatisation & Disinvestment [04:36] Globalisation & the Outsourcing Boom [05:11] The Long-Term Report Card: Growth & Foreign Investment [06:00] Side Effects: Jobless Growth and Inequality [06:34] Big Questions: RBI's Changing Role Channel: Ceibaa Video URL:    • KVS Class 11 Economics Ch 3 LPG Reforms 19...   #Class11Economics #LPGReforms #1991Crisis #NCERT #CBSE #EconomicsRevision #Liberalisation #Privatisation #Globalisation