Question

With the introduction of the new liberal economic policy of 1991, the Indian economy addressed the prevailing economic problems through all of the following, except.
1. Industrialisation
2. Globalisation 
3. Privatisation
4. Liberalisation

Answer 1

Correct Answer - Option 1 : Industrialisation

The correct answer is Industrialisation.

• To cope with the economic crisis of 1990, the Government of India started several economic reform programs, known as the New Economic Policy.
• The three broad components of the new economic policy are as follows - liberalization, privatization, globalization.
• Due to the country's industrial policy, after 1991, industrial growth in India accelerated, where the industrial growth rate was 4% on average in the pre-1991 years, whereas after 1991, the average growth rate increased to 6.5% per year till 2012.