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Which of the following statements reflect the correct picture of reforms?
1. In the domestic economy, major reforms were undertaken in the industrial and financial sectors. 
2. Major external sector reforms included foreign exchange deregulations and import liberalisation.
Q. Which of the above statements is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Which of the following statements reflect the correct picture of refor...
The chain of reforms that took place with regards to business, manufacturing, and financial services industries targeted at lifting the economy of the country to a more proficient level. These economic reforms had influenced the overall economic growth of the country in a significant manner.
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Which of the following statements reflect the correct picture of refor...
Correct Picture of Reforms

1. Domestic Economy Reforms:
- Major reforms were undertaken in the industrial and financial sectors to boost growth and competitiveness.
- These reforms aimed at improving productivity, efficiency, and overall performance of domestic industries.
- Reforms in the industrial sector included measures like deregulation, privatization, and modernization of manufacturing processes.
- Financial sector reforms focused on strengthening banking and financial institutions, enhancing access to credit, and promoting investment in key sectors.

2. External Sector Reforms:
- External sector reforms included foreign exchange deregulations to promote ease of doing business and attract foreign investments.
- Import liberalization was also a key reform undertaken to reduce trade barriers and enhance competitiveness in the global market.
- These reforms aimed at improving export competitiveness, reducing trade deficits, and attracting foreign capital to boost economic growth.

Therefore, both statements accurately depict the major reforms undertaken in the domestic economy as well as the external sector to drive economic growth and development.
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Which of the following statements reflect the correct picture of reforms?1. In the domestic economy, major reforms were undertaken in the industrial and financial sectors.2. Major external sector reforms included foreign exchange deregulations and import liberalisation.Q. Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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