Question : Which year marked the initiation of economic reforms in India?
Option 1: 1947
Option 2: 1975
Option 3: 1991
Option 4: 2000
Correct Answer: 1991
Solution : The correct answer is (c) 1991
The initiation of economic reforms in India took place in 1991. This period is often referred to as the "1991 economic liberalization" or "1991 economic reforms." The Indian economy faced a severe balance of payments crisis in 1991, prompting the government to introduce a series of significant policy changes to address the situation and open up the economy.
The 1991 economic reforms marked a significant turning point in India's economic policies and set the stage for the subsequent growth and transformation of the Indian economy.
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Question : The Dowry Prohibition Act was enacted in India in the year:
Option 1: 1961
Option 3: 1983
Question : Statement 1: The 1991 economic policy aimed to address the balance of payments crisis in India.
Statement 2: The economic reforms of 1991 were initiated under the leadership of Rajiv Gandhi.
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 : In which year was the National Bank for Agriculture and Rural Development (NABARD) established in India?
Option 1: 1975
Option 2: 1982
Option 3: 1985
Option 4: 1991
Question : The India Independence Bill was first presented in the House of Commons in London on:
Option 1: August 10, 1947
Option 2: August 1, 1947
Option 3: July 14, 1947
Option 4: July 4, 1947
Question : Statement 1: The 1991 economic policy in India aimed to address high inflation and fiscal deficit.
Statement 2: The economic reforms of 1991 were initiated under the leadership of Indira Gandhi.
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