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📈 EconomyUPSC 2000Fundamentals of Economy

Economic liberalisation in India started with:

asubstantial changes in industrial licensing policy
bthe convertibility of Indian rupee
cdoing away with procedural formalities for foreign direct investment
dsignificant reduction in tax rates
✓ Correct answer: a) substantial changes in industrial licensing policy
ExplanationEconomic liberalization in India began with substan- tial changes in the industrial licensing policy under the New Economic Policy of 1991. The reforms aimed to reduce state control by delicensing industries, promoting competition, and encouraging private sector participation.This marked a depar- ture from the License-Permit Raj of earlier decades.UPSC GS Paper-I PYQs 244 26

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