Question : What was the main objective of industrial sector reforms in the 1991 economic policy?
Option 1: Promoting export-oriented industries
Option 2: Nationalizing key industries
Option 3: Encouraging small-scale industries
Option 4: Protecting domestic industries from foreign competition
Correct Answer: Promoting export-oriented industries
Solution : The correct answer is (a) Promoting export-oriented industries.
The reforms aimed to liberalize and modernize the industrial sector, encouraging the growth of export-oriented industries. The focus was on enhancing competitiveness, attracting foreign investments, and integrating Indian industries into the global market. These reforms included delicensing and deregulation of industries, allowing automatic approval of foreign direct investment (FDI), and providing various incentives to promote export-oriented production and technology upgradation.
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