The correct answer is: B. Implementation of financial system reforms.
The Narsimhan Committee was constituted in December 1995 to review the working of the financial system in India and to suggest measures for its further development. The Committee submitted its report in May 1998. The report made a number of recommendations for reforms in the financial sector, including:
- Deregulation of interest rates
- Liberalization of the capital account
- Strengthening of the regulatory framework
- Introduction of new financial products and services
The Government of India accepted most of the recommendations of the Narsimhan Committee and implemented them over the next few years. The reforms led to a significant improvement in the efficiency and stability of the Indian financial system.
Option A is incorrect because the Narsimhan Committee was not associated with the implementation of Constitutional reforms. The Constitution of India is the supreme law of the country and it cannot be amended without the approval of a majority of the members of both Houses of Parliament. The Narsimhan Committee was not a constitutional body and it did not have the authority to recommend changes to the Constitution.
Option C is incorrect because the Narsimhan Committee was not associated with the implementation of Castism reforms. Caste is a social system that is based on birth and it is a major source of inequality in India. The Narsimhan Committee did not make any recommendations for reforms to the caste system.
Option D is incorrect because the Narsimhan Committee was associated with the implementation of financial system reforms. The Committee made a number of recommendations for reforms in the financial sector, which were implemented by the Government of India.