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Economic reforms towards liberalization were introduced in the year?
1. 1991
2. 1995
3. 2001
4. 2014

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Correct Answer - Option 1 : 1991

The correct answer is 1991.

  • Economic reforms towards liberalization were introduced in the year 1991.

  • Liberalization policy was introduced by PV Narasimha Rao in 1991.
    • The license raj, considered to be the key to India's success, was gradually replaced and the liberalization policy changed.
    • Liberalization resulted in substantial growth in the Indian economy.
    • The reforms started with the devaluation of the rupee on 1 July 1991.
    • The reforms were aimed at making the Indian economy more service-oriented and market-driven.
    • Expanding the role of foreign and private investment.
    • Policy changes: Foreign investment, industrial licensing, the introduction of advanced technology.

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