Read the given paragraph and answer the following questions.

The New Economic Policy (NEP) of 1991, initiated by Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh, marked a significant shift in India's economic framework. Triggered by an economic crisis characterized by poor industrial performance, adverse balance of payments, rising fiscal deficit, and galloping inflation, the NEP aimed to transform the economy into a market-oriented system. Key reforms included reducing import tariffs, decreasing taxes, deregulating markets, and encouraging foreign and private investment. This policy fostered liberalization, privatization, and globalization, significantly boosting public confidence and promoting economic growth. Despite its success in expanding the service industry, the NEP faced criticism for neglecting the agriculture sector. Manmohan Singh is widely regarded as the architect of these transformative reforms.