Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
54 views
in GK by (115k points)
closed by
'Economic Reforms' were introduced in India in
1. 1989
2. 1990
3. 1991
4. 1992

1 Answer

0 votes
by (114k points)
selected by
 
Best answer
Correct Answer - Option 3 : 1991

The correct answer is 1991.

  • In 1991, a crisis in the balance of payments led to the introduction of economic reforms in the country.
  • Pamulaparthi Venkata Narasimha Rao is known as the father of Indian economic reform.
    • He was an Indian lawyer and politician who served as the 9th Prime Minister of India from 1991 to 1996.
  • The economic crisis of 1991 was a culminated outcome of the policy failure in the preceding years.
    • It was in that year the Indian government was experiencing huge fiscal deficits, a large balance of payment deficits, a high inflation level, and an acute fall in the foreign exchange reserves.
  • The economic reform has led to considerable liberalization and freeing of international trade and to some replacement of what used to be called the ‘Licence Raj’ (with pervasive bureaucratic control over private economic initiatives).
  • Positive Impacts of Economic Reform
    • The growth of GDP increased from 5.6% during 1980-91 to 6.4% during 1992-2001.
    • Foreign investment increased.
    • Foreign exchange reserves increased.
    • The growth of the service sector has increased.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...