With the introduction of the new liberal economic policy of 1991, Indian economy addressed the prevailing economic problems through all of the following, EXCEPT:

Correct option is A

The correct answer is (A) Industrialisation

Explanation:

The new liberal economic policy of 1991 in India, often referred to as economic reforms, focused on liberalisation, privatisation, and globalisation to address the prevailing economic problems. These reforms aimed at reducing government control, opening up the economy to global markets, and encouraging private sector participation. However, industrialisation was not a specific focus of these reforms, as industrialisation in India had already been promoted through previous policies, particularly during the post-independence period.

Information Booster:

1. Liberalisation involved reducing government regulations and restrictions on the economy, making it easier for businesses to operate.

2. Privatisation emphasized the sale of state-owned enterprises to the private sector, improving efficiency and competitiveness.

3. Globalisation encouraged greater integration with the global economy through trade liberalisation, foreign direct investment (FDI), and access to international markets.

4. These reforms were aimed at boosting economic growth, improving foreign exchange reserves, and modernizing the Indian economy.

Additional Information:

• Industrialisation had already been a part of India’s economic strategy since the 1950s, with efforts directed towards setting up public sector enterprises and promoting heavy industries.

• The 1991 economic reforms were intended to open up the Indian economy and provide a more market-driven approach to growth, rather than focusing specifically on industrialisation, which had already been underway for decades.

• The focus of the 1991 reforms was on transforming India's economy into a more competitive and global one through liberalisation, privatisation, and globalisation.