Question : Statement 1: Liberalization of the financial sector in India aimed to promote competition among banks.

Statement 2: The Reserve Bank of India (RBI) was abolished as part of financial sector reforms.

Option 1: Both statements are true.

Option 2: Both statements are false.

Option 3: Statement 1 is true, and statement 2 is false.

Option 4: Statement 1 is false, and statement 2 is true.

Question : Which sector witnessed increased competition due to liberalization in India?

Option 1: Agriculture

Option 2: Education

Option 3: Health care

Option 4: Telecom and communication

Question : Assertion: Prior to 1991, many large-scale industries in India have a greater control over Indian markets due to a lack of foreign competition.

Reason: The policymakers of India adopted granting licenses for expansion.

Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.

Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.

Option 3: Assertion is true, but the reason is false.

Option 4: Assertion is false, but the reason is true.

Question : Which policy aimed to protect domestic industries from foreign competition in India?

Option 1: Import substitution

Option 2: Export promotion

Option 3: Public-private partnership

Option 4: Swadeshi movement

Question : A consequence of economic liberalization in India was:  
 

Option 1: Strengthening of labor unions  
 

Option 2: Increased competition in domestic markets  
 

Option 3: Expansion of the public sector  

Option 4: Decrease in foreign direct investment