The economic reforms initiated in 1991, termed as ‘First Generation Reforms,’ have set the foundation for economic development. While achieving macroeconomic stability, controlling inflation, and increasing foreign exchange reserves, certain challenges persist. The ‘Second Generation Reforms,’ geared towards development, encompass the following measures:

Corrective Policies for Farmers: Targeting small, marginal, middle, and large farmers facing productivity stagnation.

Employment Generation: Focusing on creating employment opportunities, particularly through micro and small enterprises.

Enhancing Essential Public Services: Ensuring the provision of crucial public services to the poor and establishing accountability among service providers.

Developing Quality Infrastructure: Investing in the development of high-quality physical infrastructure.

Expansion of Vocational Training: Increasing the capacity of vocational training institutes, both in terms of the number of individuals trained and the variety of skills and trades taught to meet industry demands.

Labour Laws Reform: Undertaking reforms in labor laws to address contemporary needs.

Debt Reduction: Implementing measures to reduce public debt and subsequently minimizing the burden of interest and debt-servicing charges.

Widening Tax Base: Broadening the tax base and bringing agricultural income under the tax net.

Environmental Protection: Initiatives to protect the environment, including improving air quality, ensuring clean rivers and water bodies, and enhancing energy efficiency.

Literacy Enhancement: Increasing the literacy rate to 85% and narrowing the gender gap in literacy to 10 percentage points.

These Second Generation Reforms aim to address persisting challenges and drive holistic development across various sectors of the economy.

Objective Type Questions

1.What do the ‘First Generation Reforms’ refer to?

A) Economic reforms initiated in 1991

B) Agricultural policies

C) Labor laws reform

D) Environmental protection measures

Answer: A) Economic reforms initiated in 1991

2.Which sector do ‘Second Generation Reforms’ primarily focus on for corrective policies?

A) Education

B) Agriculture

C) Information Technology

D) Healthcare

Answer: B) Agriculture

3.What is the main emphasis of ‘Second Generation Reforms’ in terms of employment generation?

A) Large-scale industries

B) Micro and small enterprises

C) Government sector

D) Foreign companies

Answer: B) Micro and small enterprises

4.What is the key objective of ‘Second Generation Reforms’ regarding public services?

A) Increase taxes

B) Privatization

C) Ensure provision to the poor and establish accountability

D) Debt reduction

Answer: C) Ensure provision to the poor and establish accountability

5.Which aspect is NOT a focus of ‘Second Generation Reforms’?

A) Debt reduction

B) Widening the tax base

C) Space exploration

D) Environmental protection

Answer: C) Space exploration

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