Question : The 1991 economic policy aimed to promote economic growth and development through:
Option 1: Centralized planning
Option 2: Isolationism
Option 3: Self-sufficiency
Option 4: Market-oriented reforms
Correct Answer: Market-oriented reforms
Solution : The correct answer is (d) Market-oriented reforms
The 1991 economic policy in India aimed to promote economic growth and development through market-oriented reforms. Prior to 1991, India followed a mixed economy model with significant government control and regulation over various sectors of the economy. However, the policy reforms of 1991 sought to shift towards a more market-oriented approach.
These market-oriented reforms were intended to unleash the potential of the Indian economy, stimulate investment and entrepreneurship, foster innovation and technological advancement, and create a more vibrant and competitive business environment. The goal was to achieve higher economic growth, attract foreign capital and expertise, generate employment opportunities, and improve the overall standard of living.
Question : The 1991 economic policy aimed to promote:
Option 1: Import substitution
Option 2: Export promotion
Option 3: Central planning
Option 4: Trade restrictions
Question : Which policy aimed to reduce the fiscal deficit and promote fiscal discipline in the 1991 economic policy?
Option 1: Monetary policy
Option 2: Fiscal policy
Option 3: Public debt policy
Option 4: External debt policy
Question : The 1991 economic policy aimed to promote industrial growth and competitiveness through:
Option 1: Protectionist trade policies
Option 2: State control over industries
Option 3: Technological upgradation and modernization
Option 4: Export restrictions
Question : The 1991 economic policy in India aimed to shift from a __________ economy to a market-oriented economy.
Option 1: Socialist
Option 2: Capitalist
Option 3: Mixed
Option 4: Command
Question : The 1991 economic policy aimed to promote foreign trade through the establishment of:
Option 1: Special Economic Zones (SEZs)
Option 2: Export Processing Zones (EPZs)
Option 3: Free Trade Agreements (FTAs)
Option 4: Trade unions
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