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Which of the following is/are the part of First Generation Economic Reforms in India?
1. Promotion to Private Sector
2. Tax Reforms
3. Public Sector Reform
4. Legal Sector Reform
Select the correct answer using the code given below:
  • a)
    1 only
  • b)
    3 and 4 only
  • c)
    1, 2 and 3 only
  • d)
    1, 2, 3 and 4 
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Which of the following is/are the part of First Generation Economic Re...
• Statement 4 is incorrect: Legal Sector Reform was not the part of first generation reform.
Economic Reforms
• A total of three generations of reforms have been announced till date, while experts have gone to suggest the fourth generation, too.
First Generation Reforms (1991–2000)
• The broad coordinates of the First Generation of reforms may be seen as under:
1. Promotion to Private Sector
2. Public Sector Reforms
3. External Sector Reforms
4. Financial Sector Reforms
5. Tax Reforms
• It was in the year 2000–01 that the government, for the first time, announced the need for the Second Generation of economic reforms and it was launched in the same year.
• The ones which had been initiated by then (i.e., from 1991 to 2000) were called by the government as the reforms of the First Generation. 
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Which of the following is/are the part of First Generation Economic Reforms in India?1. Promotion to Private Sector2. Tax Reforms3. Public Sector Reform4. Legal Sector ReformSelect the correct answer using the code given below:a)1 onlyb)3 and 4 onlyc)1, 2 and 3 onlyd)1, 2, 3 and 4Correct answer is option 'C'. Can you explain this answer?
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