The correct answer is: a) Economic diversification.
Economic diversification is the process of increasing the variety of goods and services that a country or region produces. It can be achieved by developing new industries, expanding existing industries, or attracting foreign investment.
Efforts to promote Meghalaya as a tourist destination are an example of economic diversification because they are aimed at developing a new industry for the state. Tourism is a growing industry in India, and Meghalaya has a number of attractions that could make it a popular destination for tourists. By promoting tourism, the state government is hoping to create jobs and boost the economy.
The other options are not examples of economic diversification.
- Import substitution strategies are policies that are designed to reduce a country’s reliance on imports. They can be implemented by imposing tariffs or quotas on imported goods, or by subsidizing domestic production.
- Privatization of public assets is the process of selling government-owned assets to private companies.
- Reducing tax incentives is the process of lowering taxes on businesses or individuals.
These policies can have an impact on the economy, but they are not examples of economic diversification.