GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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None of these
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None of the above
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Detailed explanation-1: -It is false since the economic reforms that happened in 1991 in India focused on the offering of economic liberties for the boost up of the nation. Explanation: From the year of 1991, a boost happened in the economic conditions of India due to the development of large number of public and private sectors.
Detailed explanation-2: -What were the major 1991 economic reforms? The major economic reforms in India were financial sector reforms, public sector reforms, tax reforms, trade and exchange rate policy, foreign investment, de-licensing of items reserved for the MSME sector, industrial policy, and fiscal stabilization.
Detailed explanation-3: -Though economic liberalization in India can be traced back to the late 1970s, economic reforms began in earnest only in July 1991. A balance of payments crisis at the time opened the way for an International Monetary Fund (IMF) program that led to the adoption of a major reform package.
Detailed explanation-4: -Panned economy is not the main feature of economic reforms. New economic policy was adopted by the Government of India in the year of 1991.