GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In which among the following years, a new ‘’ Liberalized Industrial Policy ‘’ in India was announced for the first time?
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1986
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1991
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1992
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1993
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Explanation:
Detailed explanation-1: -Indian economic liberalisation was part of a general pattern of economic liberalisation occurring across the world in the late 20th century. Although some attempts at liberalisation were made in 1966 and the early 1980s, a more thorough liberalisation was initiated in 1991.
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: -Manmohan Singh introduced the NEP on July 24, 1991.
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