GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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False
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True
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None of these
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None of the above
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Detailed explanation-1: -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-2: -The trade policy of 1991 permitted the export houses and trading houses to import a wide range of products. The trade policy of 1992-97 allowed them the duty-free imports. A new category of trading houses called Super Star Trading Houses was introduced under the 1994-95 trade policy.
Detailed explanation-3: -This policy opened the door of the India Economy for the global exposure for the first time. In this New Economic Policy P. V. Narasimha Rao government reduced the import duties, opened reserved sector for the private players, devalued the Indian currency to increase the export.