Question : The 1991 economic policy led to the liberalization of which sector in India?
Option 1: Agriculture
Option 2: Healthcare
Option 3: Services
Option 4: Public transportation
Correct Answer: Services
Solution : The correct answer is (c) Services
Prior to 1991, India's services sector was characterized by heavy government control and restrictions. However, the economic reforms introduced policies that promoted liberalization in the services sector, encouraging private participation, foreign investments, and competition. This led to the growth and expansion of various service industries such as banking and finance, telecommunications, information technology, hospitality, tourism, and professional services.
The liberalization of the services sector played a crucial role in transforming India into a global hub for outsourcing, software development, and other service-related industries. It facilitated economic growth, increased employment opportunities, and contributed to the overall development of the Indian economy.
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Question : The 1991 economic policy led to the deregulation of which sector in India?
Option 1: Energy
Option 2: Transportation
Option 3: Agriculture
Option 4: Education
Question : The 1991 economic policy led to the abolition of the:
Option 1: Planning Commission
Option 2: Reserve Bank of India (RBI)
Option 3: Central Board of Direct Taxes (CBDT)
Option 4: Ministry of Finance
Question : The 1991 economic liberalization in India included measures such as:
Option 1: Increasing subsidies for agriculture
Option 2: Strengthening labor laws
Option 3: Reducing barriers to foreign trade and investment
Option 4: Expanding the public sector
Question : The New Economic Policy of 1991 in India is associated with which of the following measures?
Option 1: Import substitution
Option 2: Disinvestment in public sector units
Option 3: Nationalization of banks
Option 4: Emphasis on agrarian economy
Question : Which of the following is a key feature of the New Economic Policy of 1991 in India?
Option 1: Nationalization of industries
Option 2: Protectionist trade policies
Option 3: Privatization of public sector enterprises
Option 4: Central planning of the economy
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