Background of the 1991 Economic Crisis in India

The Pre-1991 Economic Framework

Since its independence in 1947, India chose to adopt a mixed economy model. This model was a deliberate attempt to harness the efficiency and dynamism of the capitalist system while retaining the equity and social welfare goals of the socialist system.

In the initial decades, this policy led to the establishment of numerous rules and laws, primarily enforced through a system of industrial licensing, often termed the 'Licence Raj'. Some economic scholars contend that this extensive regulatory framework, while intended to control and regulate the economy for planned development, ultimately stifled entrepreneurship, inhibited efficiency, and significantly hampered the process of growth and development.

Conversely, other experts highlight that this strategy allowed India, which began its developmental journey from a point of near stagnation, to achieve crucial developmental milestones. These included achieving growth in domestic savings, establishing a diversified industrial sector capable of producing a wide variety of goods, and experiencing a sustained expansion in agricultural output, which was instrumental in guaranteeing food security for the massive population.

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The Onset of the 1991 Crisis

By 1991, decades of internal economic management issues and external pressures culminated in a severe financial crisis. The crisis was marked by a critical situation concerning the country's external financial obligations:

• Imminent Default on External Debt: The Indian government found itself in a position where it was unable to make repayments on its loans and borrowings from abroad, placing the country on the brink of an international financial default.
• Critically Low Foreign Exchange Reserves: The reserves of foreign currency (like US dollars), which are necessary to pay for essential imports like crude oil, machinery, and other vital items, had dwindled to an extremely low level. These reserves were insufficient to finance imports for even a fortnight (two weeks).
• Compounded by High Inflation: The domestic economy was simultaneously battling a massive rise in the prices of essential commodities, adding to the distress of the common people.

This unprecedented crisis fundamentally necessitated a complete overhaul of the existing economic policies, leading to a major change in India’s developmental strategy.

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Origins of the Financial Crisis

The immediate crisis of 1991 was the culmination of chronic and inefficient management of the Indian economy, particularly throughout the 1980s.

Fiscal Imbalance and Unsustainable Deficits

The government's consistent failure to manage its finances efficiently was a central cause. A government generates funds from sources like taxation and the revenues of Public Sector Enterprises (PSEs). When its total expenditure is greater than its total revenue, it results in a fiscal deficit, which must be financed through borrowing.

• Excessive Development Spending: The government was continuously spending large amounts on development programs aimed at tackling endemic issues such as unemployment, poverty, and population explosion. However, the spending, including on social sectors and defence, did not generate additional, corresponding revenue immediately.
• Inadequate Revenue Generation: Revenue collection from internal sources, particularly through taxation, remained low. Furthermore, the income and profits generated by the numerous Public Sector Undertakings (PSUs) were often insufficient to meet the government's growing expenditure needs.
• Unsustainable Borrowing: To bridge the widening gap between spending and income, the government increasingly borrowed from domestic sources (banks, public) and international financial institutions. By the late 1980s, the margin by which government expenditure exceeded revenue became so vast that continuing to finance the deficit through borrowings became unsustainable.

The Balance of Payments (BOP) Crisis

The external trade situation further aggravated the crisis:

• Import-Export Imbalance: The rate of imports, which required payment in foreign currency (dollars), grew at a very high rate. Crucially, this high import growth was not matched by a proportional increase in exports, leading to a huge and unmanageable deficit in the Balance of Payments.
• Mismanagement of Borrowed Funds: Foreign exchange reserves, which were sometimes borrowed from international sources, were often imprudently spent on meeting consumption needs instead of being channeled into productive investments that could boost future exports and revenue.

The combined effect of high foreign debt, a massive current account deficit, and low reserves meant that India's creditworthiness plummeted, leading to a situation where no country or international funder was willing to lend to India to keep the economy afloat.

The New Economic Policy (NEP) of 1991

Approaching International Institutions

In a desperate attempt to avert a sovereign default, the Indian government was compelled to seek financial assistance from international organisations. It approached the International Bank for Reconstruction and Development (IBRD), commonly known as the World Bank, and the International Monetary Fund (IMF).

India successfully secured a loan of approximately $7 billion to manage the financial crisis and stabilise the economy. However, receiving the loan was strictly conditional upon India agreeing to a package of economic reforms suggested by these international agencies, which essentially demanded a shift away from the existing controlled economic model.

The key conditionalities were:

• Liberalisation of the Economy: The immediate removal of various restrictions and licensing requirements on the private sector.
• Reduction of Government Role: A significant reduction in the government’s direct participation and role in various economic activities.
• Removal of Trade Barriers: The liberalisation of trade, involving the removal of restrictions on foreign trade between India and other countries to integrate the economy globally.

India conceded to these conditionalities and, in response, announced the New Economic Policy (NEP) in July 1991. The overarching goal of the NEP was to foster a more competitive environment in the economy by systematically removing barriers to the entry and growth of business firms.

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Components of the New Economic Policy

The economic reforms under the NEP were comprehensive and can be classified into two distinct, yet complementary, groups:

1. Stabilisation Measures (Short-Term)

   These were quick, short-term measures implemented immediately to correct the acute macroeconomic weaknesses of the economy that had led to the crisis. The focus was on:

   • Controlling Inflation: Taking urgent steps to bring the sharp and accelerating rise in the general price level of essential goods under control.
   • Correcting Balance of Payments (BOP) Deficit: Measures aimed at restoring confidence in the external sector, most importantly by increasing foreign currency inflows to maintain sufficient foreign exchange reserves.

2. Structural Reform Measures (Long-Term)

   These were comprehensive, long-term policies aimed at fundamentally restructuring the economy. The primary goals were:

   • Improving Efficiency: Enhancing the productivity and operational effectiveness of the entire economic system.
   • Increasing International Competitiveness: Making Indian goods and services competitive in the global market.
   • Removing Rigidities: Eliminating the bureaucratic hurdles and policy bottlenecks that had developed over decades in various segments of the Indian economy.

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The Three Pillars of NEP: LPG

The structural reforms initiated by the government under the New Economic Policy are commonly grouped under the acronym LPG, representing the three core policy pillars:

• Liberalisation: This refers to the reduction and removal of restrictive economic policies, laws, and regulations that had controlled the economy. The goal was to free up various sectors and allow greater participation of the private sector and market forces.
• Privatisation: This involves the transfer of ownership or management of government-owned (public sector) enterprises to the private sector. The intention was to boost efficiency, professional management, and competition.
• Globalisation: This is defined as the process of integrating the economy of India with the world economy. This involves creating greater interdependence and allowing the free flow of goods, services, capital, and technology across national borders.

Liberalisation

Liberalisation, as a component of the New Economic Policy (NEP) of 1991, primarily signifies the process of freeing the Indian economy from the excessive controls, rules, and restrictions (often referred to as the 'Licence Raj') that were seen as major hindrances to economic growth and development. The objective was to open up various sectors to greater private participation and competition. While minor liberalisation efforts began in the 1980s, the 1991 reforms were systemic and far more comprehensive, covering key areas like industry, finance, tax, and foreign trade.

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Deregulation of the Industrial Sector

Prior to 1991, India's industrial sector operated under stringent regulations. The major pillars of this regulatory mechanism were:

• Industrial Licensing: Entrepreneurs needed mandatory permission from government officials for virtually all aspects of their business—to start a new firm, to expand or close an existing firm, and even to decide the exact quantity of goods that could be produced.
• Reservation for Public Sector: Certain strategic industries were exclusively reserved for the Public Sector, prohibiting private entry.
• Reservation for Small-Scale Industries (SSI): Certain goods could only be produced by SSIs.
• Price Controls: The government controlled the prices and distribution of selected industrial products.

The 1991 reforms drastically dismantled these restrictions:

• Abolition of Licensing: The requirement for industrial licensing was almost entirely abolished. Licensing remains mandatory only for a very small number of product categories, such as alcohol, cigarettes, hazardous chemicals, industrial explosives, electronics, aerospace, and certain pharmaceuticals, primarily on grounds of security, health, or environment.
• Dereservation of Public Sector: The number of industries reserved exclusively for the public sector was sharply reduced. Currently, only a part of atomic energy generation and certain core activities in railway transport remain reserved for the public sector.
• Dereservation for SSI: Many goods that were previously reserved for small-scale industries have been dereserved, allowing larger firms to compete and enter these production areas.
• Price Decontrol: The government control over price fixation and distribution for most industries has been removed, allowing the competitive market forces of demand and supply to determine the prices.

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Financial Sector Reforms

The financial sector encompasses a range of institutions including commercial and investment banks, stock exchange operations, and the foreign exchange market. The sector in India is traditionally regulated by the Reserve Bank of India (RBI), which controls aspects like interest rates, the amount of reserves banks must hold, and the nature of lending.

The core objective of the financial sector reforms was to reduce the authoritative role of the RBI from a direct regulator to a facilitator of financial markets. This change implies greater operational freedom for financial institutions to make business decisions without mandatory consultation with the RBI.

Key reforms implemented were:

• Private and Foreign Bank Entry: The establishment of new private sector banks (both Indian and foreign) was permitted, injecting competition into the banking sector.
• Increased Foreign Investment Limit: The maximum limit for foreign investment in banks was raised substantially, allowing greater capital inflow and foreign participation (up to around 74 per cent).
• Branch Expansion Autonomy: Banks that satisfy specific conditions were granted the autonomy to set up new branches and rationalise their existing branch networks without the explicit approval of the RBI.
• FII Investment: Foreign Institutional Investors (FII), which include global entities like merchant bankers, mutual funds, and pension funds, were given permission to invest in Indian financial markets, leading to increased capital inflow into the stock and debt markets.

However, the RBI continues to retain control over certain managerial aspects to protect the interests of account holders and ensure the nation's financial stability.

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Tax Reforms (Fiscal Policy)

Tax reforms are a vital part of the government’s fiscal policy, which deals with its taxation and public expenditure policies. Taxes are broadly classified into direct taxes (on income and profit) and indirect taxes (on commodities).

Direct Tax Reforms

• Reduction in Individual Income Tax: Since 1991, there has been a continuous and significant reduction in personal income tax rates. The rationale was that excessively high rates encouraged tax evasion. The belief is that moderate rates of income tax promote better tax compliance, encourage savings, and facilitate voluntary disclosure of income.
• Reduction in Corporation Tax: The tax levied on the profits of business enterprises (corporation tax), which was high earlier, has also been gradually reduced.

Indirect Tax Reforms

• Harmonisation and Simplification: Efforts were made to reform indirect taxes to simplify the complex tax structure and facilitate the establishment of a common national market.
• Introduction of GST: A landmark reform came in 2016 with the constitutional amendment and the subsequent introduction of the Goods and Services Tax (GST). This unified national market tax is expected to generate additional revenue for the government, curtail tax evasion, and establish the principle of 'one nation, one tax and one market'.

Overall, tax procedures have been simplified, and rates substantially lowered to encourage compliance.

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Foreign Exchange Reforms

The external sector was the most immediate source of the 1991 crisis. Reforms here were swift and pivotal:

• Devaluation of the Rupee: As an immediate stabilisation measure, the government deliberately devalued the Indian rupee against foreign currencies in 1991. The formula for the exchange rate ($E$ in dollars per rupee) before and after devaluation can be conceptualized as: $$\text{Initial Rate} \rightarrow \text{New Rate} = E - \Delta E$$ A devaluation makes a country's exports cheaper (more attractive to foreigners) and its imports more expensive (discouraging consumption), thereby boosting the inflow of foreign exchange and helping to correct the balance of payments deficit.
• Shift to Market-Determined Exchange Rate: The reform set the tone to gradually remove government control over the determination of the rupee's value. The system transitioned towards one where the exchange rate is primarily determined by the market forces of demand and supply for foreign exchange, commonly known as a flexible or floating exchange rate system.

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Trade and Investment Policy Reforms

These reforms were crucial for integrating India into the global economy and were designed to boost the international competitiveness of domestic industries and to attract foreign investment and technology.

Pre-1991 trade policy was highly protectionist, relying on:

• Quantitative Restrictions (QRs): Imposing quotas to restrict the physical volume or value of imports.
• High Tariffs: Keeping import taxes (custom duties) at very high levels.

These protectionist measures were criticised for breeding inefficiency and leading to slow growth in the manufacturing sector. The reform agenda focused on three key areas:

• Dismantling of Quantitative Restrictions: QRs on both imports and exports were phased out. QRs on imports of manufactured consumer goods and agricultural products were fully removed from April 2001, in line with India’s commitments to the WTO.
• Reduction of Tariff Rates: Import duties were substantially reduced over time to make domestic industries more efficient and to lower the cost of imported inputs.
• Removal of Import Licensing: Licensing procedures for imports were largely abolished, except for goods related to hazardous and environmentally sensitive industries.
• Removal of Export Duties: Export duties were removed to enhance the competitive position of Indian goods in international markets.

Privatisation

Meaning and Methods of Privatisation

Privatisation is one of the three core elements of the New Economic Policy (NEP) and is essentially defined as the transfer of ownership or management of a government-owned enterprise to the private sector. It marks a significant retreat of the government from its earlier dominant role in industrial and commercial sectors.

The conversion of government companies (Public Sector Enterprises or PSEs) into private companies is primarily achieved through two key ways:

1. Withdrawal from Ownership and Management: This involves the government giving up its control and managerial rights over a public sector company, which is then passed on to a private entity or the market.
2. Outright Sale: This is the complete and direct sale of a government-owned company to a private sector buyer.

A specific and crucial method employed in India for privatisation is disinvestment. Disinvestment is the process where the government sells a part of its equity (shares) in a Public Sector Enterprise (PSE) to the public, or to financial institutions, or to a private buyer. Selling a portion of equity is often termed a minority sale, while selling the majority stake is often an outright sale or strategic sale, which transfers management control.

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Objectives of Privatisation

The government's stated purposes for undertaking the policy of privatisation and disinvestment were multi-faceted and aimed at boosting the economy's performance:

• Improving Financial Discipline: Privatisation was expected to subject the former government companies to the strict financial accountability of the private sector, which is driven by profit motives and market efficiency.
• Facilitating Modernisation: Private ownership was viewed as being more capable of injecting the necessary capital and adopting advanced technology and management practices for the modernisation and upgradation of outdated Public Sector Undertakings (PSUs).
• Effective Utilisation of Capabilities: The policy aimed to effectively utilise the superior private capital and more professional managerial capabilities available in the private sector to significantly improve the performance and profitability of PSUs.
• Impetus to Foreign Direct Investment (FDI): Privatisation was expected to signal a welcoming environment for global investors, thereby providing a strong stimulus for the inflow of Foreign Direct Investment (FDI) into the country.

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Improving PSU Efficiency: The 'Ratna' Status

The government recognised that not all PSUs should be privatised, particularly the profitable and strategically important ones. Thus, alongside the privatisation process, efforts were also made to improve the efficiency and autonomy of high-performing PSUs through the granting of special status, often referred to as the 'Ratna' status.

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Globalisation and its Outcomes

Understanding Globalisation

Globalisation is the ultimate outcome of the set of economic reforms—liberalisation and privatisation—that aim to transform the world towards greater interdependence and integration. In economic terms, it is precisely defined as the integration of the economy of the country with the world economy.

It is a complex and comprehensive phenomenon that involves the creation of economic, social, and geographical networks that transcend national borders. The policy attempts to establish links in such a way that economic events occurring in India are increasingly influenced by, and in turn influence, events happening thousands of miles away. It seeks to break down barriers to make the world function as a single, whole unit—the concept of a "borderless world."

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Outsourcing: A Key Economic Outcome

Outsourcing is one of the most prominent economic manifestations of the globalisation process in India and globally. It involves a company hiring regular services from external sources, which were either previously performed internally or within the home country. These external sources are often located in other countries, leading to a massive global transfer of jobs and services.

Factors Driving Outsourcing to India

The practice has intensified significantly in the recent past, primarily due to the revolutionary growth of Information Technology (IT) and fast modes of telecommunication, including the Internet. The digital transmission of text, voice, and visual data across continents in real time makes outsourcing of services highly feasible.

India has emerged as the premier destination for global outsourcing for multinational corporations (MNCs) and small companies alike, due to its comparative advantages:

• Low Wage Rates: Services can be availed at a significantly cheaper cost in India compared to developed countries.
• Availability of Skilled Manpower: India has a large pool of well-educated, English-speaking, and technically proficient manpower available at competitive wages, ensuring a reasonable degree of skill and accuracy.

Commonly Outsourced Services

A wide variety of services are outsourced to India, falling mainly under the umbrella of Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO):

• BPO/Call Centres: Voice-based business processes, customer service, technical support.
• Financial & Administrative Services: Record keeping, accountancy, banking services, and back-office operations.
• Creative & Technical Services: Music recording, film editing, book transcription, and computer service.
• Specialised Services: Clinical advice, legal advice, and even teaching/e-learning services.

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Global Footprint of Indian Companies

Globalisation has not only facilitated the entry of foreign companies into India but has also enabled numerous Indian companies to expand their operations beyond national boundaries, creating a significant Global Footprint.

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World Trade Organisation (WTO)

The World Trade Organisation (WTO) is the institutional anchor of globalisation, established in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT), which was established by 23 countries in 1948.

Objectives and Mandate of WTO

The WTO is the primary global trade organisation responsible for overseeing and liberalising international trade. Its key objectives and functions include:

• Establishing a Rule-Based Regime: Its foremost purpose is to establish a predictable, transparent, and rule-based trading system that prevents nations from imposing arbitrary or unilateral restrictions on trade.
• Administering Agreements: It administers all multilateral trade agreements and ensures equal opportunities to all member countries in the international market.
• Trade Facilitation: It aims to facilitate international trade (both bilateral and multilateral) by ensuring the removal of various barriers, including tariff barriers (customs duties/taxes) and non-tariff barriers (like quotas, strict health standards, etc.).
• Global Welfare: It seeks to enlarge the production and trade of both goods and services, ensure the optimum utilisation of world resources, and protect the environment.

India's Stance and the Debate on WTO

India is a founding member and has played an active role in the WTO, advocating for the interests of the developing world and striving for fair global rules and safeguards. India has fulfilled its commitments by removing quantitative restrictions on imports and reducing tariff rates.

However, the WTO remains a subject of intense debate, particularly among developing nations:

• Limited Trade Volume: Critics argue that a majority of international trade continues to occur among developed nations, limiting the benefits for developing countries.
• Market Access Inequality: Developing countries often feel the system is unfair. They are forced to open their domestic markets to goods from developed countries (through tariff and QR removal) but are not granted reciprocal access to the markets of developed countries due to high non-tariff barriers.
• Subsidy Disputes: Developed countries frequently file complaints against agricultural subsidies provided in developing nations, yet they themselves continue to provide massive agricultural subsidies, which distort global trade and hurt developing country farmers.

Indian Economy During Reforms: An Assessment

The New Economic Policy, with its components of Liberalisation, Privatisation, and Globalisation (LPG), was introduced in 1991. The period of over three decades since then has seen a varied performance of the Indian economy, which can be summarised as a mixed outcome of significant positive developments and persistent, critical challenges.

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Positive Impacts of the Reforms

Rapid and Sustained Growth in Gross Domestic Product (GDP)

The post-1991 era is marked by a period of rapid and sustained growth in the nation's total output. The GDP growth rate experienced a notable acceleration, increasing from an average of 5.6 per cent during the 1980–91 period to a much higher average of 8.2 per cent during 2007–12.

The major driver of this overall growth has been the Service Sector (e.g., IT, telecommunication, finance, trade). The data clearly indicates that while the growth of agriculture has declined, and industry growth has fluctuated, the service sector has consistently grown at the highest rate, driving the entire GDP growth.

Growth of GDP and Major Sectors (in %)

Sector	1980-91	1992-2001	2002-07	2007-12	2012-13	2013-14	2014-15
Agriculture	3.6	3.3	2.3	3.2	1.5	4.2	– 0.2*
Industry	7.1	6.5	9.4	7.4	3.6	5.0	7.0*
Services	6.7	8.2	7.8	10.0	8.1	7.8	9.8*
Total (GDP)	5.6	6.4	7.8	8.2	5.6	6.6	7.4

Note: *Data pertaining to Gross Value Added (GVA). The GVA is estimated from GDP by adding subsidies on production and subtracting indirect taxes.

Phenomenal Increase in Foreign Investment and Reserves

The opening up of the economy, especially the liberalisation of Foreign Direct Investment (FDI) and the permission for Foreign Institutional Investment (FII) in financial markets, led to a massive injection of foreign capital. Foreign investment skyrocketed from a mere US $100 million in 1990-91 to a substantial US $30 billion in 2017-18.

This capital inflow, combined with increased exports, led to a phenomenal growth in India's Foreign Exchange Reserves, which increased from about US $6 billion in 1990-91 (barely enough for two weeks' imports) to about US $413 billion in 2018-19, establishing India as one of the largest foreign exchange reserve holders in the world.

Emergence as a Successful Exporter and Price Control

Since the reforms, India has transitioned into a globally successful exporter of sophisticated goods and services, including auto parts, pharmaceutical goods, engineering products, and textiles. The IT software sector is a particularly major contributor to India’s exports.

Furthermore, the stabilisation measures and fiscal discipline introduced post-1991 have, over the long term, assisted in keeping rising prices (inflation) under better control.

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Criticisms and Negative Impacts of Reforms

The reform process has been widely criticised for being imbalanced and for failing to translate aggregate economic growth into comprehensive developmental benefits for all sectors and all people.

Uneven Growth and Employment

A central criticism is that the reform-led growth has been "jobless growth." Despite the high GDP growth rate, the reforms are alleged to have not generated sufficient employment opportunities to absorb the country's huge and growing workforce, leading to unemployment and underemployment issues.

Adverse Impact on Agriculture Sector

The agricultural sector, which provides livelihoods to millions, appears to have been adversely affected by the reform process, with its growth rate declining or decelerating over the period. Key reasons include:

• Drastic Fall in Public Investment: There has been a significant decline in public investment in crucial agricultural infrastructure, such as irrigation, power, roads, market linkages, and R&D/extension services (which were vital for the Green Revolution).
• Cost Increase due to Subsidy Removal: The partial removal of the fertilizer subsidy has increased the cost of production, severely hurting the financial viability of small and marginal farmers.
• Increased International Competition: Reduction in import duties and the lifting of quantitative restrictions on agricultural imports have exposed Indian farmers to fierce competition from cheaper, and often highly subsidised, foreign agricultural products.
• Shift in Cropping Pattern: Export-oriented policy strategies have incentivised a shift in cultivation from food grains (essential for domestic consumption) to more profitable cash crops (for export), which puts upward pressure on the prices of food grains.

Slowdown in Industrial Sector Growth

The industrial sector's growth has also performed poorly in the reform period due to several factors:

• Competition from Imports: The removal of import restrictions (QRs and tariffs) led to a flood of cheaper imports, which have replaced the demand for domestically manufactured goods, making local industries vulnerable.
• Inadequate Infrastructure: Facilities, particularly power supply and transport, have remained inadequate due to insufficient public and private investment.
• Global Access Barriers: Developed countries continue to impose high non-tariff barriers, restricting the access of Indian manufactured goods (like textiles) to their markets, despite India opening up its own economy.

Issues with Disinvestment Policy

The government's practice of disinvestment (selling of PSE equity) has faced two main criticisms:

• Undervaluation of Public Assets: Critics allege that the assets of Public Sector Enterprises have often been undervalued before being sold to the private sector, resulting in a substantial loss of revenue and public wealth.
• Misuse of Proceeds: The funds generated from disinvestment are often used to simply cover the shortage in government revenues (manage fiscal deficit) instead of being productively utilised for the long-term development of the PSEs themselves or for essential social infrastructure projects.

Limitations on Fiscal Policies and Welfare Expenditure

The reforms have inadvertently placed limits on the growth of public expenditure, particularly in essential social sectors (education, health). This fiscal constraint is a result of:

• Tax Revenue Constraints: Tax rate reductions, while aimed at encouraging compliance, have not always resulted in a proportional increase in tax revenue.
• Tariff Revenue Constraints: The reduction in customs duties (tariffs) as part of trade liberalisation has reduced the government's ability to raise revenue from imports.
• Incentives for Foreign Investors: Tax incentives offered to attract foreign investment further reduce the tax base.

These constraints have a negative impact on the government's ability to finance critical developmental and welfare programs.

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Conclusion: An Evaluation of the LPG Policies

In conclusion, the globalisation process, supported by liberalisation and privatisation, presents a complex picture.

• For the Economically Elite: The reforms have significantly increased the income and quality of consumption of high-income groups. Growth has been highly concentrated in the services sector—telecommunication, IT, finance, entertainment, real estate, and trade.
• For the Marginalised: The crisis in the early 1990s was rooted in deep-seated societal inequalities, and critics argue that the externally advised reform package has only further aggravated these inequalities by neglecting the vital sectors of agriculture and industry, which provide livelihoods to the majority of the population.

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