Question

Economic Reforms were announced on 24-07-1991 by this Prime Minister

• A. Dr. Manmohan Singh
• B. Sri. Narendra Modi
• C. Sri. P. V. Narasimha Rao
• D. Smt. Indira Gandhi

Hint:

India's Economic Reforms of 1991: - Initiated in response to a severe balance of payments crisis. - Key architects: - Prime Minister: P. V. Narasimha Rao - Finance Minister: Dr. Manmohan Singh - Main components (LPG): - Liberalization: Reducing government controls and restrictions on economic activity. - Privatization: Transferring ownership or management of public sector enterprises to the private sector. - Globalization: Integrating the Indian economy with the world economy. - The new industrial policy was announced on July 24, 1991.

Answer 1

The Correct Option is C

Step 1: Recall the context of India's major economic reforms of 1991.
In 1991, India faced a severe balance of payments crisis, which prompted the government to introduce significant economic reforms, often referred to as Liberalization, Privatization, and Globalization (LPG) reforms.

Step 2: Identify the Prime Minister and Finance Minister at that time.
- The Prime Minister of India who initiated these far-reaching economic reforms in 1991 was P.
V.
Narasimha Rao.
He served as PM from June 1991 to May 1996.
- The Finance Minister at that time, who played a crucial role in designing and implementing these reforms, was Dr.
Manmohan Singh.

Step 3: Evaluate the options.
Option (1) Dr.
Manmohan Singh: He was the Finance Minister in 1991 and later became Prime Minister (2004-2014).
While instrumental, the question asks for the Prime Minister who announced/oversaw the reforms.
Option (2) Sri.
Narendra Modi: Became Prime Minister of India in 2014.
Not associated with the 1991 reforms.
Option (3) Sri.
P.
V.
Narasimha Rao: He was the Prime Minister of India when the 1991 economic reforms were launched.
This is correct.
Option (4) Smt.
Indira Gandhi: Served as Prime Minister in earlier periods (1966-1977 and 1980-1984).
Not associated with the 1991 reforms.

Step 4: Confirm the Prime Minister.
The economic reforms of 1991 were announced and implemented under the leadership of Prime Minister P.
V.
Narasimha Rao.
This matches option (3).