Which of the following are correct regarding growth during the reform period?1. The growth of agriculture declined.2. Theservice sector reported fluctuation.3. The growth of industrial sectors has gone up.4. The growth during this phase was mainly driven by the growth in the service sector.Select the correct answer using the codes given belowa)1, 2 and 3 onlyb)2 and 4 onlyc)1 and 4 onlyd)1 and 3 onlyCorrect answer is option 'C'. Can you explain this answer?

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Which of the following are correct regarding growth during the reform period?
1. The growth of agriculture declined.
2. Theservice sector reported fluctuation.
3. The growth of industrial sectors has gone up.
4. The growth during this phase was mainly driven by the growth in the service sector.
Select the correct answer using the codes given below

a)
1, 2 and 3 only
b)
2 and 4 only
c)
1 and 4 only
d)
1 and 3 only

Correct answer is option 'C'. Can you explain this answer?

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Which of the following are correct regarding growth during the reform ...

The growth of agriculture declined.The industrial sectors reported fluctuation. The growth of service sector has gone up. The growth during this phase was mainly driven by the growth in the service sector.

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Which of the following are correct regarding growth during the reform ...

Growth during the Reform Period

The reform period in India refers to the period between 1991 and 2013 when the country underwent significant economic reforms aimed at liberalizing the economy and integrating it with the global economy. During this period, there were significant changes in the structure of the economy, and there were shifts in the growth patterns of various sectors.

1. The growth of agriculture declined:

One of the outcomes of the reforms was a decline in the growth of agriculture. The sector, which was once the backbone of the Indian economy, experienced a slowdown in growth. This was partly due to the shift in emphasis towards industrialization and services, which led to a neglect of the agriculture sector. Additionally, the lack of investment in irrigation, infrastructure, and technology also contributed to the decline in growth.

2. The service sector reported fluctuation:

The service sector, which includes industries such as IT, finance, and tourism, experienced fluctuation in growth during the reform period. While the sector witnessed rapid growth in the early years of the reforms, it faced challenges such as the global financial crisis and the slowdown in the western economies. As a result, the growth of the service sector slowed down in the later years of the reform period.

3. The growth of industrial sectors has gone up:

One of the positive outcomes of the reforms was the growth of the industrial sector. The reforms led to an increase in foreign investment and technology transfer, which helped to modernize the industrial sector. Additionally, the government also introduced policies such as the Special Economic Zones (SEZs) and the Make in India initiative, which aimed to promote manufacturing and industrial growth.

4. The growth during this phase was mainly driven by the growth in the service sector:

While the industrial sector witnessed significant growth during the reform period, it was the service sector that was the main driver of growth. The sector contributed significantly to the country's GDP and employment, and it also helped to diversify the economy. The growth of the service sector was driven by the growth of the IT and BPO industries, which emerged as major players in the global market.

Conclusion:

In conclusion, the growth patterns during the reform period were characterized by a decline in agriculture, fluctuation in the service sector, and growth in the industrial sector. While the service sector was the main driver of growth, the industrial sector also witnessed significant growth, which helped to modernize the economy.

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Which of the following are correct regarding growth during the reform period?1. The growth of agriculture declined.2. Theservice sector reported fluctuation.3. The growth of industrial sectors has gone up.4. The growth during this phase was mainly driven by the growth in the service sector.Select the correct answer using the codes given belowa)1, 2 and 3 onlyb)2 and 4 onlyc)1 and 4 onlyd)1 and 3 onlyCorrect answer is option 'C'. Can you explain this answer?

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