Question : Which policy aimed to dismantle the license raj and reduce government control in India?
Option 1: Import substitution
Option 2: Swadeshi movement
Option 3: New Economic Policy
Option 4: Five-Year Plans
Correct Answer: New Economic Policy
Solution : The correct answer is (c) New Economic Policy
The New Economic Policy, also known as the economic reforms of 1991, aimed to dismantle the license raj and reduce government control in India. The license raj was a system of extensive government regulations and permits that required businesses to obtain licenses and permissions for various activities. It often resulted in bureaucratic red tape, corruption, and limited economic freedom.
The New Economic Policy introduced a series of measures to liberalize the Indian economy and reduce government intervention. It included significant reforms such as deregulation, reduction of industrial licensing, simplification of trade policies, and opening up sectors to private investment. These reforms aimed to create a more market-oriented economy, promote competition, attract foreign investment, and enhance overall efficiency and growth.
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