Question : The New Economic Policy of 1991 focused on liberalization, privatization, and:
Option 1: Localization
Option 2: Protectionism
Option 3: Globalization
Option 4: Nationalization
Correct Answer: Globalization
Solution : The correct answer is (c) Globalization
The New Economic Policy (NEP) of 1991 in India aimed to shift the country's economic policies towards a more market-oriented and globally integrated approach. In addition to liberalization and privatization, globalization was a key aspect of the NEP.
Globalization refers to the increasing interconnectedness and integration of economies and societies worldwide. The NEP sought to promote globalization by opening up the Indian economy to foreign trade, investment, and technology. It involved reducing trade barriers, easing restrictions on foreign investment, and encouraging the flow of goods, services, and capital across national borders.
