Question:
Which of the following statements is/are the key feature(s) of India’s New Economic Reforms (1991)?
Which of the following statements is/are the key feature(s) of India’s New Economic Reforms (1991)?
Show Hint
The 1991 economic reforms in India were characterized by liberalization, privatization, and globalization. Understanding these three key features will help in recognizing their long-term impact on India’s economy.
Updated On: Apr 20, 2025
- Liberalization of the economy
- Privatization of public sector enterprises
- Complete nationalization of all industries
- Globalization and increased foreign direct investment
Hide Solution
Verified By Collegedunia
The Correct Option is A, B, D
Solution and Explanation
Step 1: Understanding India's New Economic Reforms (1991).
The New Economic Reforms initiated in India in 1991 were primarily aimed at improving the country's economic growth and integration with the global economy.
(A) is correct: Liberalization refers to the reduction of government restrictions in various areas, including trade, investment, and industry. This was a key feature of the 1991 reforms.
(B) is correct: Privatization involved the transfer of public sector enterprises to private ownership. The reforms aimed at reducing the role of government in the economy and promoting private sector participation.
(C) is incorrect: The reforms did not involve the complete nationalization of all industries. In fact, the trend was towards privatization, not nationalization.
(D) is correct: Globalization and increased foreign direct investment (FDI) were also central to the 1991 reforms, which aimed at opening up India's economy to the global market.
The New Economic Reforms initiated in India in 1991 were primarily aimed at improving the country's economic growth and integration with the global economy.
(A) is correct: Liberalization refers to the reduction of government restrictions in various areas, including trade, investment, and industry. This was a key feature of the 1991 reforms.
(B) is correct: Privatization involved the transfer of public sector enterprises to private ownership. The reforms aimed at reducing the role of government in the economy and promoting private sector participation.
(C) is incorrect: The reforms did not involve the complete nationalization of all industries. In fact, the trend was towards privatization, not nationalization.
(D) is correct: Globalization and increased foreign direct investment (FDI) were also central to the 1991 reforms, which aimed at opening up India's economy to the global market.
Was this answer helpful?
0
0
Top Questions on Economics
- What does the Consumer Price Index (CPI) primarily measure?
- The city in which the first cement factory was established in India is
- Which of the following does not come under the four-fold classification of factors of production in Economics?
- Which of the following does not belong to public, social and personal services is
- NABARD facilitates
View More Questions
Questions Asked in GATE XH-C1 exam
Here are two analogous groups, Group-I and Group-II, that list words in their decreasing order of intensity. Identify the missing word in Group-II.
Abuse \( \rightarrow \) Insult \( \rightarrow \) Ridicule
__________ \( \rightarrow \) Praise \( \rightarrow \) Appreciate
- A car started from city P at 9:40 AM. The time taken for the car to reach city Q is 4 hours and 50 minutes. The time of arrival of the car at city Q is:
- Consider a three-firms oligopoly market with a linear demand function given by \( P = 25 - Q \), where \( P \) is the unit price and \( Q \) is the total quantity supplied. The total quantity \( Q = q_1 + q_2 + q_3 \), where \( q_i \) is the output from the \( i^{th} \) firm with \( i = 1,2,3 \). The total cost (TC) curve of firm \( i \) is given by \( TC_i = \alpha_i + 5q_i \), where \( \alpha_i \)'s are positive real numbers. Assuming a Cournot solution exists, the value of \( Q \) is:
- GATE XH-C1 - 2025
- Demand analysis
- Consider a square field ABCD. The diagonal AC is 50 meter. The cost of laying grass in the field is Rs. 5 per square-meter. The total cost for laying grass in the field ABCD is Rs. ________ (rounded off to two decimal places).
In the following figure, four overlapping shapes (rectangle, triangle, circle, and hexagon) are given. The sum of the numbers which belong to only two overlapping shapes is ________
View More Questions