Question

Indian government introduced _______ in 1991.

a) Globalization b) World Trade Organization c) New economic policy d) none​

Answer 1

Answer:

Economic liberalisation in India was initiated in 1991 by Prime Minister P. V. Narasimha Rao and his then-Finance Minister Dr. Manmohan Singh.

Explanation:

The economic liberalisation in India refers to the economic liberalization of the country's economic policies with the goal of making the economy more market and service-oriented and expanding the role of private and foreign investment.[1][2] Although unsuccessful attempts at liberalization were made in 1966 and the early 1980s, a more thorough liberalization was initiated in 1991. The reform was prompted by a balance of payments crisis that had led to a severe recession.[3]

Specific changes included reducing import tariffs, deregulating markets, and reducing taxes, which led to an increase in foreign investment and high economic growth in the 1990s and 2000s. From 1992 to 2005, foreign investment increased 316.9%, and India's gross domestic product (GDP) grew from $266 billion in 1991 to $2.3 trillion in 2018[4][5] According to one study, wages rose on the whole, as well as wages as the labor-to-capital relative share

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Answer 2

Answer:

c) New economic policy

Explanation:

New Economic Policy of India was launched in the year 1991 under the leadership of P. V. Narasimha Rao.

The main objectives behind the launching of the New Economic policy (NEP) in 1991 by the union Finance Minister Dr. Manmohan Singh were

1.To plunge Indian Economy in to the arena of ‘Globalization and to give it a new thrust on market orientation.

2.To bring down the rate of inflation

3.To increase the participation of private players in the all sectors of the economy

4.Wanted to achieve economic stabilization and to convert the economy into a market economy by removing all kinds of un-necessary restrictions.

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