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Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?
1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.
2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.
3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.
Select the correct statements using the codes given below:
1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.
2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.
3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.
Select the correct statements using the codes given below:
- a)1 and 2 only
- b)2 and 3 only
- c)1 and 3 only
- d)All are correct
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Which of the following are correct with reference to economic reforms ...
The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model. The primary objective of this model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world.
Most Upvoted Answer
Which of the following are correct with reference to economic reforms ...
Economic reforms, commonly known as LPG reforms (Liberalization, Privatization, and Globalization), refer to the set of policies and measures undertaken by countries to promote economic growth, attract foreign investment, and integrate with the global economy. These reforms have had significant implications for public policies. Let's analyze each statement in detail:
1. Economic reforms have placed limits on the growth of public expenditure, especially in social sectors.
- With the objective of reducing fiscal deficits and promoting private sector participation, economic reforms have led to a reduction in government expenditure. This reduction has often been more pronounced in social sectors such as healthcare, education, and welfare. Governments have been encouraged to limit their spending and focus on creating an enabling environment for private sector growth. This statement is correct.
2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.
- As part of economic reforms, countries have embraced trade liberalization, which involves reducing tariffs and non-tariff barriers to promote international trade. While this has facilitated the flow of goods and services across borders, it has also resulted in reduced revenue from customs duties. With lower tariffs, the scope for raising revenue through import taxes has been curtailed. This statement is correct.
3. In order to attract foreign investment, tax incentives were provided to foreign investors, further reducing the scope for raising tax revenues.
- As part of their efforts to attract foreign direct investment (FDI), many countries have introduced tax incentives and concessions for foreign investors. These incentives include tax holidays, reduced tax rates, and exemptions. While these measures aim to create a favorable investment climate, they do reduce the potential tax revenue that could be generated from foreign companies operating in the country. This statement is correct.
Therefore, all three statements are correct. Economic reforms have indeed imposed limits on public expenditure, reduced revenue from customs duties due to tariff reduction, and offered tax incentives to foreign investors, which have further impacted tax revenue. These reforms have been implemented with the goal of promoting economic growth and attracting foreign investment, but they have also had implications for public policies and the government's fiscal capacity.
1. Economic reforms have placed limits on the growth of public expenditure, especially in social sectors.
- With the objective of reducing fiscal deficits and promoting private sector participation, economic reforms have led to a reduction in government expenditure. This reduction has often been more pronounced in social sectors such as healthcare, education, and welfare. Governments have been encouraged to limit their spending and focus on creating an enabling environment for private sector growth. This statement is correct.
2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.
- As part of economic reforms, countries have embraced trade liberalization, which involves reducing tariffs and non-tariff barriers to promote international trade. While this has facilitated the flow of goods and services across borders, it has also resulted in reduced revenue from customs duties. With lower tariffs, the scope for raising revenue through import taxes has been curtailed. This statement is correct.
3. In order to attract foreign investment, tax incentives were provided to foreign investors, further reducing the scope for raising tax revenues.
- As part of their efforts to attract foreign direct investment (FDI), many countries have introduced tax incentives and concessions for foreign investors. These incentives include tax holidays, reduced tax rates, and exemptions. While these measures aim to create a favorable investment climate, they do reduce the potential tax revenue that could be generated from foreign companies operating in the country. This statement is correct.
Therefore, all three statements are correct. Economic reforms have indeed imposed limits on public expenditure, reduced revenue from customs duties due to tariff reduction, and offered tax incentives to foreign investors, which have further impacted tax revenue. These reforms have been implemented with the goal of promoting economic growth and attracting foreign investment, but they have also had implications for public policies and the government's fiscal capacity.
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Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.Select the correct statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)All are correctCorrect answer is option 'D'. Can you explain this answer?
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Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.Select the correct statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)All are correctCorrect answer is option 'D'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.Select the correct statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)All are correctCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.Select the correct statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)All are correctCorrect answer is option 'D'. Can you explain this answer?.
Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.Select the correct statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)All are correctCorrect answer is option 'D'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.Select the correct statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)All are correctCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.Select the correct statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)All are correctCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.Select the correct statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)All are correctCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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