Which of the Following Economic Reforms Were Taken Up by the Government Under Liberalisation During the New Economic Reform Era? Find the Answer at BYJU'S

Industrial sector reform

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Tax reform

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Financial sector reform

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All of the above

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Solution

The correct option is D
All of the above

Answer: d. All of the above
Under liberalisation, the government brought forward a slew of reforms during the new economic policy launched in 1991. Starting with reforms in the Industrial sector, finance sector and reforms in taxation.
Also read:
Economic Reforms
What is Privatisation?
Globalisation
MCQs on Globalisation
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Similar questions

Q. When were the Economic Liberalisation reforms initiated in India?

Which of the following economic reforms were initiated by the government under liberalisation?

Q. In which year New Economic Reforms were started in India?

Q. The government initiated a variety of policies in new economic policy which fall under three headings:
(i) Liberalisation
(ii) Privatisation
(iii) Globalisation

Liberalisation means removing all unnecessary controls and restrictions like permits, licences, quotas, etc. imposed by the government. Liberalisation concept were introduced for the following reasons:
(i) To unlock the economic potential of the country by encouraging the private sector and multinational corporations to invest and expand.
(ii) To encourage the private sector to take an active part in the development process.
(iii) To reduce the role of the public sector in the future industrial development.
(iv) To introduce more competition into the economy with the aim of increasing efficiency.

The economic reforms under liberalisation taken by the government include the following:
(i) Industrial Sector Reforms
(ii) Financial Sector Reforms
(iii) Tax Reforms
(iv) Foreign Exchange Reforms
(v) Trade and Investment Policy Reforms

Industrial Sector Reforms
The new policy abolished the requirement of obtaining a licence for all industries except alcohol, cigarettes, hazardous chemicals, industrial explosives, electronics, aerospace, and drugs and pharmaceuticals. Licence is no longer required to set up new units or to expand the existing one.

Under the new industrial policy, the number of industries reserved only for the public sector was reduced from 17 to only 3.
It is only (i) Defense equipment (ii) Atomic energy generation (iii) Railway transport.Read the following statements - Assertion (A) and Reason (R) and choose the correct answer from the following:
Assertion (A)- Liberalisation concept to encourage the private sector to take active part in the development process.
Reasons (R) - Industrial Sector Reforms and Financial Sector Reforms were taken by the government under liberalisation.

[0.80 marks]

Q. All of the following developments were noticed during

1991

(when economic reforms were enforced), except _________.

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