When were economic reforms introduced in India focusing on liberalisation, privatisation and globalisation?

The Correct Answer is: (d) 1991

Explanation:
India introduced major economic reforms in 1991, focusing on Liberalisation, Privatisation, and Globalisation (LPG) under the leadership of Prime Minister P.V. Narasimha Rao and

Finance Minister Dr. Manmohan Singh. These reforms were brought in response to a severe economic crisis marked by low foreign exchange reserves, high fiscal deficit, and high inflation.

The New Economic Policy of 1991 aimed to:

Liberalise: the economy by removing restrictions on industrial licensing and reducing government control.

Privatise: by reducing the role of the public sector and allowing private sector participation.

Globalise: the economy by encouraging foreign investment and integrating with the world economy.

Information Booster:
• The 1991 reforms were a response to the Balance of Payments (BoP) crisis.
• IMF and World Bank provided support in exchange for structural reforms.
• Industrial Policy of 1991 abolished the License Raj.
• FDI (Foreign Direct Investment) was allowed in several sectors.
• India joined the World Trade Organization (WTO) in 1995, furthering globalization.
• The reforms led to higher GDP growth, but also posed new challenges like inequality and unemployment.