Final answer:
The New Economic Policy started by the government of India since 1991 signifies the shift towards economic liberalization, including privatization and reduced government control over the economy.
Step-by-step explanation:
The economic reforms that started by the government of India since 1991 are known as the New Economic Policy. This policy marked a significant shift from the previous approach of strict government control over private sector economic development, foreign trade, and foreign investment to a more liberalized economy. The government began the process of privatization, allowing private entities to take over certain industries that had once been under state control, with the aim of increasing productivity and efficiency. These reforms included sectors like telecommunications, electricity, and heavy industries.