Question

Select the proper option from the options given below and rewrite the sentences.

The new industrial policy was formulated in _________.

a) 1961
b) 1981
c) 1991

Answer 1

The new industrial policy was formulated in 1991.

Explanation:
The New Industrial Policy was formulated in 1991. The policy was formulated to promote the growth of private sector, remove trade restrictions and foster economic growth. This policy ushered in liberalisation by eliminating licensing, made way for privatisation in place of quotas and, lastly, globalisation, in place of permits for exports and imports.
The correct option is C.