Economic reforms or new economic policy refers to various policy measures and changes introduced since 1991. New economic policy was to create a new economic environment for economic develop¬ment by removing existing obstacles. These reforms concentrated on :
(i) Introduction of "free of control" economy.
(ii) A shift from public to private sector.
(iii) Free entry to foreign private investment. Thus, the basic pillars of new economic policy are Liberalization, Privatization and Globalisation