The correct answer is C. Limited exposure of Indian industry to foreign competition.
The industrial policy of India since 1991 has been characterized by a number of reforms, including:
- Enormous expansion of the private sector: The government has reduced its role in the economy and allowed the private sector to play a greater role.
- Redefining the role of public sector: The government has retained control of some key industries, but it has also allowed the private sector to participate in these industries.
- Pruning of the list of items reserved for SSI units: The government has reduced the number of items that are reserved for small-scale industries, which has allowed large-scale industries to enter these markets.
- Increased exposure of Indian industry to foreign competition: The government has reduced tariffs and other barriers to trade, which has made it easier for foreign companies to compete in the Indian market.
These reforms have had a significant impact on the Indian economy. They have led to increased economic growth, higher levels of investment, and greater employment opportunities.
The option C, Limited exposure of Indian industry to foreign competition, is not a salient feature of industrial policy since 1991. In fact, the opposite is true. The government has taken a number of steps to increase the exposure of Indian industry to foreign competition, including reducing tariffs and other barriers to trade. This has made it easier for foreign companies to compete in the Indian market, which has forced Indian companies to become more efficient and competitive.