Question : Which committee was appointed to propose reforms for the Indian financial system in the 1991 economic policy?
Option 1: Tarapore Committee
Option 2: Raghuram Rajan Committee
Option 3: Bimal Jalan Committee
Option 4: Urjit Patel Committee
Correct Answer: Tarapore Committee
Solution : The correct answer is (a) Tarapore Committee
The Tarapore Committee, officially known as the Tarapore Committee on Capital Account Convertibility, was appointed in 1997 to propose a roadmap for achieving full capital account convertibility in India. The committee, chaired by S.S. Tarapore, a former Deputy Governor of the Reserve Bank of India (RBI), submitted its report in 1997, outlining a phased approach to liberalize India's capital account. While it was not directly related to the 1991 economic policy, the report's recommendations influenced subsequent policy decisions regarding capital account convertibility.
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