Question : The 1991 economic policy aimed to promote the development of which type of industries?
Option 1: Small-scale industries
Option 2: Cottage industries
Option 3: Heavy industries
Option 4: Public sector industries
Correct Answer: Small-scale industries
Solution : The correct answer is (a) Small-scale industries
The 1991 economic policy in India aimed to promote the development of small-scale industries. The policy shift towards liberalization and market-oriented reforms was intended to create a more conducive environment for the growth and expansion of small-scale enterprises.
Some of the key initiatives implemented to support small-scale industries included simplifying regulatory frameworks, providing easier access to credit, facilitating technology transfer, promoting entrepreneurship, and encouraging competitiveness. These measures aimed to create a more favorable business environment for small-scale enterprises to thrive and contribute to economic growth and employment generation.
