Correct option is A
The correct answer is (a) Liberalisation
Explanation:
The 1991 economic reforms in India, known as the liberalisation reforms, aimed at reducing the government’s control over the economy by removing restrictions on private industries. This included relaxing regulations, reducing tariffs, and encouraging private enterprise. The goal was to promote competition, increase efficiency, and integrate the Indian economy with the global market.
Information Booster:
Liberalisation refers to the removal of restrictions on trade, investment, and industry, allowing for greater freedom for private businesses.
In 1991, under the leadership of then Finance Minister Manmohan Singh, the Indian government initiated liberalisation as part of broader economic reforms to address a balance of payments crisis.
Key steps included reducing import tariffs, easing industrial licensing laws, and allowing foreign direct investment (FDI).
The reforms marked a shift from a regulated economy to a more market-driven economy.
Liberalisation played a significant role in transforming India's economic landscape and stimulating rapid growth in several sectors, especially information technology.
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