SSC MTS EXAM

Detailed explanation-1: -The devaluation made petroleum more expensive to import, so Singh proposed to lower the price of kerosene to benefit the poorer citizens who depended on it while raising petroleum prices for industry and fuel. On 24 July 1991, Manmohan Singh presented the budget alongside his outline for broader reform.

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 program of economic reforms in India was started on 24 July 1991. Key PointsEconomic reforms in India: Though economic liberalization in India can be traced back to the late 1970s, economic reforms began in earnest only in July 1991.