Question : Statement 1: The 1991 economic policy aimed to reduce government intervention in the economy.
Statement 2: The economic reforms of 1991 were primarily driven by socialist ideology.
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.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
Statement 1 is true: The 1991 economic policy in India aimed to reduce government intervention in the economy. It involved liberalization, deregulation, and privatization measures to promote a market-oriented economy.
Statement 2 is false: The economic reforms of 1991 were not primarily driven by socialist ideology. Instead, they were driven by the need to address economic crises, promote growth, and integrate India into the global economy.
Question : Statement 1: Trade reforms aimed to reduce import tariffs and promote exports.
Statement 2: Import substitution was the main objective of trade reforms in the 1991 economic policy.
Question : Statement 1: Trade reforms in the 1991 economic policy aimed to reduce trade barriers.
Statement 2: The introduction of export subsidies was a key feature of trade reforms.
Question : Statement 1: The 1991 economic policy aimed to address the balance of payments crisis in India.
Statement 2: The economic reforms of 1991 were initiated under the leadership of Rajiv Gandhi.
Question : Statement 1: The 1991 economic policy in India aimed to address high inflation and fiscal deficit.
Statement 2: The economic reforms of 1991 were initiated under the leadership of Indira Gandhi.
Question : Statement 1: Trade reforms aimed to remove trade barriers and promote free trade.
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