Question : The New Economic Policy of 1991 focused on liberalization, privatization, and:
Option 1: Localization
Option 2: Protectionism
Option 3: Globalization
Option 4: Nationalization
Correct Answer: Globalization
Solution : The correct answer is (c) Globalization
The New Economic Policy (NEP) of 1991 in India aimed to shift the country's economic policies towards a more market-oriented and globally integrated approach. In addition to liberalization and privatization, globalization was a key aspect of the NEP.
Globalization refers to the increasing interconnectedness and integration of economies and societies worldwide. The NEP sought to promote globalization by opening up the Indian economy to foreign trade, investment, and technology. It involved reducing trade barriers, easing restrictions on foreign investment, and encouraging the flow of goods, services, and capital across national borders.
Question : The Industrial Policy of 1991 aimed at promoting which type of economic reforms?
Option 1: Privatization
Option 2: Liberalization
Option 4: All of the above
Question : Fill in the blanks- Under new economic policy, disinvestment is a part of ____. Freedom in fixing price of goods and services is a part of _____.
Option 1: Liberalisation, privatization
Option 2: Privatization, liberalisation
Option 3: Liberalisation, globalization
Option 4: Globalization, privatization
Question : What was a significant step taken by India in the context of globalization?
Option 1: Nationalization of industries
Option 2: Economic liberalization reforms in 1991
Option 3: Increased trade barriers
Option 4: Isolation from global markets
Question : Globalization refers to the increasing:
Option 1: Localization of economic activities
Option 2: Integration of economies and societies
Option 3: Protectionism in trade and investments
Option 4: Autarky in international relations
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