Question

Elaborate how the economic reforms process of India impacted the industrial sector.

Hint:

Industrial reforms fostered innovation and competition, enabling industries to compete globally while reducing bureaucratic hurdles.

Answer 1

The economic reforms process transformed the industrial sector in the following ways: 

Liberalization: Removal of license requirements under the License Raj boosted industrial growth and competition. 
FDI Inflows: Reforms facilitated foreign direct investments in manufacturing, improving technology and productivity. 
Privatization: Shift towards privatization reduced state control over public enterprises, making industries more efficient. 
Export-Oriented Growth: Encouraged industries to focus on exports through special economic zones and trade liberalization.