Question : The 1991 economic policy aimed to promote economic growth and development through:
Option 1: Centralized planning
Option 2: Isolationism
Option 3: Self-sufficiency
Option 4: Market-oriented reforms
Correct Answer: Market-oriented reforms
Solution : The correct answer is (d) Market-oriented reforms
The 1991 economic policy in India aimed to promote economic growth and development through market-oriented reforms. Prior to 1991, India followed a mixed economy model with significant government control and regulation over various sectors of the economy. However, the policy reforms of 1991 sought to shift towards a more market-oriented approach.
These market-oriented reforms were intended to unleash the potential of the Indian economy, stimulate investment and entrepreneurship, foster innovation and technological advancement, and create a more vibrant and competitive business environment. The goal was to achieve higher economic growth, attract foreign capital and expertise, generate employment opportunities, and improve the overall standard of living.
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