New Economic Policy refers to economic liberalisation or relaxation in the import tariffs, deregulation of markets or opening the markets for private and foreign players, and reduction of taxes to expand the economic wings of the country. New Economic Policy (NEP), the economic policy of the government of the Soviet Union from 1921 to 1928, representing a temporary retreat from its previous policy of extreme centralisation and doctrinaire socialism. Money was reintroduced into the economy in 1922 (it had been abolished under War Communism). The NEP represented a more market-oriented economic policy (deemed necessary after the Russian Civil War of 1918 to 1922) to foster the economy of the country, which had suffered severely since 1915. The new economic policy resulted in radical change in the structure and direction of Indian economy. The direction tends towards the market economy and globalisation of the country. The major objective of the new policy is to make Indian economy progressive and also to make Indian economy a part of the world economy.

Saket Kumar

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