BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market Oriented Approach
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Seller Oriented Approach
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Both (a) and (b)
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None of these
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Detailed explanation-1: -A market-oriented reform is a policy measure that allows and induces the competitive participation of private agents in a sector, activity, or market. Thus, the key concepts underlying market-oriented reforms are private participation and competition among private agents.
Detailed explanation-2: -The economic reforms in India in 1991 led to the liberalisation of the economy and significant improvement in its growth rate. These reforms started under the then Prime Minister of India, Narasimha Rao, and it had three main objectives – Liberalisation, Privatisation and Globalisation (LPG).
Detailed explanation-3: -The correct answer is Both (2) and (3). 1991 Economic Reforms: The 1991 economic reforms refer to the economic liberalization of the country’s economic policies with the goal of making the economy more market and service-oriented and expanding the role of private and foreign investment.
Detailed explanation-4: -What were the three branches of Economic Reforms in 1991? Ans. The three branches of the new economic policy of 1991 were Liberalization, Privatization and Globalization.