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The main objective of the New Economic Policy (NEP) of India (1991)

  1. i. To bring down poverty and unemployment.
  2. To bring down the rate of inflation and remove imbalances in payment.
  3. To move towards a higher economic growth rate and build sufficient foreign exchangereserves.
  4. To plunge the Indian economy into the arena of Globalization and to give it a newthrust on market orientation.

Which of the above statements are not correct ? 

 

Ai only

Bii, iii and iv

Ci and iii

Di, ii, iii and iv

Answer:

D. i, ii, iii and iv


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What characterized the Indian economy before the LPG reforms?

  1. A predominantly closed economic system with limited international trade
  2. A state-dominated economic landscape with a centralized planning approach
  3. A highly protectionist economic environment with extensive industrial licensing and regulation
  4. A tightly controlled currency regime with stringent restrictions on convertibility

    What are the political consequences of globalization?

    1. The market, rather than welfare goals, is used to decide economic and social priorities.
    2. The state’s dominance continues to be the unquestioned foundation of the political community.
    3. Governments’ ability to make decisions on their own has been harmed by the arrival and expanded participation of multinational corporations.
      Which of the following is a criticism of economic liberalization in India?

      How has globalization affected labor markets worldwide?

      1. It has contributed to the displacement of jobs in some sectors due to outsourcing and automation.
      2. It has increased the outsourcing and offshoring practices across various industries.
      3. It has intensified competition for jobs globally, leading to wage stagnation in some sectors