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Question

Which of the following is/are the results of industrial reforms introduced during the 1990s?

A
Decrease in the number of industrial units in the country.
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B
Resulted in massive unemployment.
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C
The role of small scale industries reduced.
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D
Improved pay, security and health benefits for workers.
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Solution

The correct options are
C The role of small scale industries reduced.
D Improved pay, security and health benefits for workers.
The industrial policies by the government of India during the 1990s helped to increase the number of industrial units in India. They also helped in generating employment although it was a little lower than expected. The role of small scale industries reduced and more large scale industries popped up manufacturing factory-based goods. Several laws were made to support the workers in terms of pay, security and health benefits.

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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 carefully and choose the correct answer from the following:
Statement 1: The concept of liberalisation was introduced to unlock the country's economic potential by encouraging the private sector.
Statement 2: The role of the public sector in future industrial development is being reduced as a result of liberalisation.

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