Liberalization
Privatization
Globalization
All of the above
Answer is Right!
Answer is Wrong!
The correct answer is D) All of the above.
The economic reforms undertaken in India since 1991 aimed at liberalization, privatization, and globalization.
- Liberalization refers to the removal of government controls on the economy. This includes deregulation of industries, reduction of tariffs and quotas, and opening up the economy to foreign investment.
- Privatization refers to the sale of government-owned assets to private companies. This includes the sale of banks, insurance companies, and other public sector enterprises.
- Globalization refers to the integration of the Indian economy into the global economy. This includes the reduction of trade barriers, the opening up of the Indian market to foreign companies, and the promotion of foreign investment.
The economic reforms of 1991 were a major turning point in the history of India. They led to a significant increase in economic growth and prosperity. The reforms also helped to reduce poverty and improve the quality of life for millions of Indians.
However, the reforms have also had some negative consequences. For example, they have led to increased inequality and environmental degradation. Nevertheless, the economic reforms of 1991 are widely considered to have been a success. They have helped to transform India into a major economic power.