Question

From which year did the era of globalisation, liberalisation, and privatisation begin in India?

• A. 1977
• B. 1984
• C. 1989
• D. 1991

Hint:

Globalisation, liberalisation, and privatisation in India started in 1991, a period of crucial economic reforms that reshaped India's economy.

Answer 1

The Correct Option is D

The era of globalisation, liberalisation, and privatisation in India began in 1991, under the leadership of Prime Minister P. V. Narasimha Rao and Finance Minister Dr. Manmohan Singh. The economic crisis in 1990-91, including a balance of payments crisis, forced the Indian government to undertake major economic reforms. These reforms included devaluation of the rupee, reduction of import tariffs, privatization of state-owned enterprises, and the encouragement of foreign investment.
The shift towards a market-driven economy signaled India's entry into the global economic system. The liberalisation policies transformed India's economy, leading to rapid growth in the following decades. The 1991 reforms also led to the emergence of a middle class and accelerated India's integration into the global marketplace.