Q. Consider the following statements about the LPG (Liberalization, Privatization, Globalization) Reforms in India:

Select the correct answer using the code given below:

1 only

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2 only

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Both 1 and 2

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Neither 1 nor 2

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Solution

The correct option is D Neither 1 nor 2

Explanation:

Statement 1 is incorrect. Under the Trade policy reforms, Import licensing was abolished.

Statement 2 is incorrect. The Foreign Exchange Management Act (FEMA) was enacted replacing the draconian Foreign Exchange Regulation Act (FERA).

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Policy	Associated Measures
1. Liberalization	A domestic company hiring regular service from a foreign company
2. Privatization	Outright sale of public sector companies
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Policy	Associated Measures
1. Liberalization	A domestic company hiring regular service from a foreign company
2. Privatization	Outright sale of public sector companies
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Q. Consider the following statements with regards to Minto-Morley reforms

Select the correct answer using the codes given below:

Q. Consider the following statements with regards to Minto-Morley reforms:

Select the correct answer using the codes given below:

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