Distinguish between stabilising measures and structural measures, as taken up by the Government of India in 1991.
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Solution and Explanation
| Stabilising Measures | Structural Measures |
|---|---|
| These are short-term policy actions aimed at controlling economic crises like inflation, balance of payment deficits, and fiscal imbalance. | These are long-term policy reforms aimed at improving the efficiency and competitiveness of the economy. |
| Focuses on immediate economic stability. | Focuses on changing the fundamental structure of the economy. |
| Examples: Devaluation of currency, reduction in fiscal deficit, tightening of monetary policy. | Examples: Liberalisation, Privatisation, and Globalisation (LPG policy), financial sector reforms, trade policy reforms. |
| Implemented to restore investor confidence and stabilise the macroeconomic situation. | Implemented to promote sustainable growth and increase productivity in the long run. |
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