Question : Statement 1: Industrial sector reforms aimed to promote competition and efficiency.
Statement 2: Delicensing of industries refers to the process of obtaining licenses for operating businesses.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Both statements are true.
Solution : The correct answer is (a) Both statements are true.
Statement 1 is true: Industrial sector reforms in the 1991 economic policy aimed to promote competition and efficiency. The reforms included deregulation and delicensing of industries, allowing for more competition and reducing government control over the sector.
Statement 2 is true: Delicensing of industries refers to the process of removing the requirement for businesses to obtain licenses from the government to operate. This was a key aspect of the industrial sector reforms, as it aimed to reduce bureaucratic hurdles and promote ease of doing business.
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