Correct option is A
The correct answer is: (a) 1991
Explanation:
India introduced a series of economic reforms in 1991, which marked a significant shift from a closed, socialist-style economy
to a more liberalised and globalised economy. These reforms were initiated in response to a severe balance of payments crisis.
The reforms included:
Liberalisation: Reduction of government control over businesses.
Privatisation: Encouraging private sector participation.
Globalisation: Opening up the Indian economy to foreign trade and investment.
Information Booster:
• Dr. Manmohan Singh, then Finance Minister, was the key architect of reforms under the leadership of Prime Minister P.V. Narasimha Rao.
• Industrial licensing (License Raj) was largely abolished.
• Foreign Direct Investment (FDI) limits were relaxed.
• India joined the World Trade Organization (WTO) in 1995 as part of its globalisation effort.
English
100 Questions
100 Marks
90 Mins
