Which one of the following economic reforms was introduced in India in

Which one of the following economic reforms was introduced in India in 1991 to liberalize and open up the economy ?

New Industrial Policy

Nationalization of Banks

Green Revolution

Education Policy

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UPSC Combined Section Officer – 2021-22

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The year 1991 is marked by significant economic reforms in India. The New Industrial Policy of 1991 was the cornerstone of these reforms, which aimed at liberalizing, privatizing, and globalizing the Indian economy. It dismantled the complex ‘License Raj’ system, liberalized foreign trade and investment policies, and reduced the role of the public sector.

The 1991 New Industrial Policy initiated the shift towards a market-oriented economy in India.

Nationalization of Banks occurred primarily in 1969 and 1980. The Green Revolution, related to agricultural reforms, took place from the late 1960s. While education policies are regularly reviewed, the reforms of 1991 were specifically economic in nature.

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