Question : Which international event acted as a catalyst for economic reforms in India?
Option 1: Global financial crisis
Option 2: Cold War
Option 3: Indian independence movement
Option 4: Collapse of the Soviet Union
Correct Answer: Collapse of the Soviet Union
Solution : The correct answer is (d) Collapse of the Soviet Union
The collapse of the Soviet Union in 1991 acted as a catalyst for economic reforms in India. The Soviet Union had been a significant economic and political ally of India, and its collapse had far-reaching implications globally.
The collapse of the Soviet Union had a profound impact on India's perception of state-controlled and centralized economic systems. It served as a wake-up call, prompting the Indian government to acknowledge the limitations of its existing economic policies and embrace market-oriented reforms.
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