Question

The year 1991 is significant in Indian economic history because it marks the beginning of the ?

• A. Digital Revolution
• B. Industrial Revolution
• C. Economic Reforms and Liberalisation
• D. Green Revolution

Answer 1

Answer:

C. Economic Reforms and Liberalisation

The year 1991 is significant as it marks the beginning of India's Economic Reforms and Liberalisation, which brought significant changes to India's economy, such as the opening up of markets and foreign investment. The economic reforms in India in 1991 led to the liberalisation of the economy and significant improvement in its growth rate. These reforms started under the then Prime Minister of India, Narasimha Rao, and it had three main objectives – Liberalisation, Privatisation and Globalisation (LPG).