(i) The uncertainties about the oil prices; (ii) The external payment problems; (iii) The serious inflationary pressures; (iv) The scarcities of essential commodities; (v) The deterioration of fiscal discipline, etc. These led to the Indian economy on the verge of Economic crisis. In response to this emerging crisis, the Government initiated a set of stabilisation and structural reforms like : (i) Reduction in fiscal deficit; (ii) Containment of growth in money supply; (iii) An exchange rate adjustment system etc. The key objective of stabilisation policy was to bring the growth of aggregate demand in line with long term growth path of the economy. In conjunction, the structural adjustment measures like; (i) industrial delicensing (ii) liberalisation of policy regime governing international trade (iii) deregulation of financial sector Were taken to improve the supply side of the economy This shifted the long-term growth path of the economy itself completely. (Adapted and modified) Source : https://niti.gov.in/planningcommission.gov.in/docs/reports/genrep/arep9099/at94-95.htm (a) Briefly outline any two reasons for the initiation of Economic Reforms in 1991. [2] (b) Government introduced a set of stablisation and structural reforms to solve the economic crisis. State the key initiatives and objectives of these policies adopted by the Government of India. [4]