Correct Answer: Industrial license

Solution : The correct answer is (a) Industrial license for most industries.

The Industrial Policy of 1991, also known as the New Economic Policy or the LPG (Liberalization, Privatization, and Globalization) policy, marked a significant shift in India's economic policies. It aimed to liberalize and deregulate the Indian economy, reduce government control and intervention, and promote private sector participation and foreign investment.

One of the key reforms introduced by the Industrial Policy of 1991 was the abolition of the industrial licensing system. The industrial licensing system required businesses to obtain a license from the government to start or expand industrial operations in many sectors. This system was seen as bureaucratic, restrictive, and impeding the growth of industries.