Question

All of the following developments were noticed during 1991 (when economic reforms were enforced) except one. Identify it.

• A. National Debt was nearly 60% of the GNP of India
• B. Inflation crossed double digits
• C. Foreign Reserves were maintained at a very high level
• D. None of the above

Answer 1

Answer: (C)

Foreign Reserves were maintained at a very high level

All the following developments ( such as National Debt was nearly 60% of the GNP of India, Inflation crossed double digits) were noticed during 1991, when economic reforms were enforced, except "Foreign Reserves were maintained at a very high level. During 1991, Indian Government adopted New Economic Policy which emphasized liberalization, privatization and globalization.