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Dr. M.M.Singh, the then Finance Minister to the Government of India in the year 1991 took significant economic decisions; also known as the new economic policy. These steps were towards the liberalization/globalization and were taken when the financial condition of India was in terrible shape. India was struggling economic crisis and was in danger of defaulting the repayment of loan; faced after Gulf War of 1990. Lot of measures was taken, and some of these are provided below;

•    Opening up of the important sector including petroleum sector for private.
•    Allowing the Institutional investors and liberalizing the existing rules in foreign investments.

•     Progressive cut down in the duties and taxes.

•    Many other decisions were taken; which changes the perception of government.