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    Question

    Economic Liberalization in India started with?

    A By reduction in import tariffs & deregulation of markets Correct Answer Incorrect Answer
    B By reduction of taxes & making the economy more market and service-oriented Correct Answer Incorrect Answer
    C By expanding the role of private and foreign investment Correct Answer Incorrect Answer
    D None of these Correct Answer Incorrect Answer
    E All of these Correct Answer Incorrect Answer

    Solution

    The economic liberalisation in India refers to the economic liberalisation, initiated in 1991, of the country's economic policies, with the goal of making the economy more market and service-oriented and expanding the role of private and foreign investment. Specific changes include a reduction in import tariffs, deregulation of markets, reduction of taxes, and greater foreign investment. Liberalisation has been credited by its proponents for the high economic growth recorded by the country in the 1990s and 2000s. Its opponents have blamed it for increased poverty, inequality and economic degradation. The overall direction of liberalisation has since remained the same, irrespective of the ruling party, although no party has yet solved a variety of politically difficult issues, such as liberalising labour laws and reducing agricultural subsidies.

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