Question : Which year marked the initiation of economic reforms in India?
Option 1: 1947
Option 2: 1975
Option 3: 1991
Option 4: 2000
Correct Answer: 1991
Solution : The correct answer is (c) 1991
The initiation of economic reforms in India took place in 1991. This period is often referred to as the "1991 economic liberalization" or "1991 economic reforms." The Indian economy faced a severe balance of payments crisis in 1991, prompting the government to introduce a series of significant policy changes to address the situation and open up the economy.
The 1991 economic reforms marked a significant turning point in India's economic policies and set the stage for the subsequent growth and transformation of the Indian economy.
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