Question : The New Economic Policy of 1991 aimed at achieving which of the following?
Option 1: Faster economic growth
Option 2: Reduction in poverty
Option 3: Attracting foreign investment
Option 4: All of the above
Correct Answer: All of the above
Solution : The correct answer is (d) All of the above.
The New Economic Policy of 1991 was a set of economic reforms aimed at liberalizing the Indian economy and making it more market-oriented. The reforms were designed to achieve three main objectives:
Faster economic growth:The reforms were intended to boost economic growth by reducing government controls and regulations, and by encouraging private investment.
Reduction in poverty: The reforms were also expected to reduce poverty by stimulating economic growth and creating new jobs.
Attracting foreign investment: The reforms were designed to attract foreign investment, which would help to finance economic growth and create new jobs.
The reforms were successful in achieving all three of these objectives. Economic growth in India accelerated in the years following the reforms, and poverty rates fell. Foreign investment also increased significantly.
Question : The Industrial Policy of 1991 aimed at promoting which type of economic reforms?
Option 1: Privatization
Option 2: Liberalization
Option 3: Globalization
Question : The 1991 economic policy aimed to attract foreign investors through:
Option 1: High tax rates
Option 2: Strict labor regulations
Option 3: Simplified investment procedures
Option 4: Import restrictions
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
Question : Statement 1: The New Economic Policy of 1991 aimed at liberalizing India's industrial policies.
Statement 2: The New Economic Policy encouraged foreign investment and globalization.
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 : The 1991 economic policy in India aimed to address:
Option 1: Increasing government control in the economy
Option 2: High inflation and fiscal deficit
Option 3: Excessive privatization of public enterprises
Option 4: Declining foreign direct investment (FDI)
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