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Which one among the following is a far reaching change in the policy made inIndia in 1991 ?
[2011 (T-2)]
  • a)
    Removing barriers or restrictions set by the government which is known as liberalisation.
  • b)
    Put barriers to foreign trade and foreign investments.
  • c)
    Restrictions set by the government to protect the producers within the country from foreign competition.
  • d)
    By giving protection to domesticproducers through a variety of means.
Correct answer is option 'A'. Can you explain this answer?
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Which one among the following is a far reaching change in the policy m...
The far reaching change in the policy made in India in 1991 was Removing barriers or restrictions set by the government which is known as liberalisation. This policy opened up the Indian economy to foreign trade and foreign investments and removed the restrictions set by the government to protect the producers within the country from foreign competition.
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Which one among the following is a far reaching change in the policy m...
Removing barriers or restrictions set by the government which is known as liberalisation is the far-reaching change in the policy made in India in 1991. This change is often referred to as the "liberalization policy" or the "economic reforms of 1991."

1. Liberalisation Policy:
The liberalisation policy aimed to open up the Indian economy to global trade and foreign investments. It involved reducing government control and intervention in various sectors of the economy. The policy was implemented in response to a severe economic crisis that India faced in the early 1990s.

2. Removing Barriers and Restrictions:
The liberalisation policy involved removing barriers and restrictions set by the government, which had hindered the growth of the Indian economy. These barriers included excessive licensing requirements, permits, and regulations that constrained the functioning of industries and businesses. By eliminating these barriers, the government aimed to promote competition, efficiency, and growth.

3. Trade and Investment Reforms:
Under the liberalisation policy, the government also implemented significant trade and investment reforms. It reduced import tariffs and trade barriers, allowing for easier access to foreign markets. This encouraged exports and increased foreign exchange earnings. Additionally, foreign direct investment (FDI) was encouraged through the relaxation of regulations and the opening up of various sectors to foreign investors.

4. Privatization and Global Integration:
The liberalisation policy also involved the privatization of public sector enterprises, allowing private players to participate in various sectors of the economy. This helped in improving efficiency, productivity, and competitiveness. The policy also aimed to integrate the Indian economy with the global economy by encouraging foreign collaborations and joint ventures.

5. Impact on the Indian Economy:
The liberalisation policy brought about significant changes in the Indian economy. It led to higher economic growth, increased foreign investments, improved productivity, and job creation. The policy also stimulated competition, which resulted in a wider variety of choices for consumers. It played a crucial role in transforming India into a more market-oriented and globally integrated economy.

Overall, the far-reaching change in the policy made in India in 1991 was the removal of barriers and restrictions through liberalisation. This policy opened up the Indian economy to global trade and foreign investments, leading to substantial economic growth and development.
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Read the extract given below and answer the questions that follows:Globalization expands and accelerates the movement and exchange of ideas and commodities over vast distances. Globalisation has created more competitive environment in India. In the past two to three decades, more and more MNCs have been looking for locations around the world which would be cheap for their production. Foreign investment by MNCs in these countries has been rising. At the same time, foreign trade between countries has been rising rapidly. A large part of the foreign trade is also controlled by MNCs. The result of greater foreign investment and greater foreign trade has been greater integration of production and markets across countries. Globalisation is this process of rapid integration or interconnection between countries. MNCs are playing a major role in the globalisation process. More and more goods and services, investments and technology are moving between countries. Besides the movements of goods, services, investments and technology, there is one more way in which the countries can be connected. This is through the movement of people between countries. People usually move from one country to another in search of better income, better jobs or better education. Rapid improvement in technology has been one major factor that has stimulated the Globalisation process. Even more remarkable have been the developments in information and communication technology. Globalisation and greater competition among producers - both local and foreign producers - has been of advantage to consumers, particularly the well-off sections in the urban areas. There is greater choice before these consumers who now enjoy improved quality and lower prices for several products. As a result, these people today, enjoy much higher standards of living than was possible earlier. Globalisation has also created new opportunities for companies providing services, particularly those involving IT.Answer the following MCQs by choosing the most appropriate optionQ. Process of integration of different countries is called

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Which one among the following is a far reaching change in the policy made inIndia in 1991 ?[2011 (T-2)]a)Removing barriers or restrictions set by the government which is known as liberalisation.b)Put barriers to foreign trade and foreign investments.c)Restrictions set by the government to protect the producers within the country from foreign competition.d)By giving protection to domesticproducers through a variety of means.Correct answer is option 'A'. Can you explain this answer?
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