True or False: The introduction of the Goods and Services Tax (GST) aimed to complicate the tax structure in India.

False. The GST aimed to simplify tax procedures and create a unified national market.

What role did the International Monetary Fund (IMF) play in India's 1991 economic crisis response?

IMF aided India in 1991 crisis.

• Provided $7 billion loan.

• Promoted economic liberalization.

• Reduced government intervention.

How did foreign exchange reforms in 1991 affect the Indian rupee?

Forex reforms improved rupee value.

• Market forces set rupee value.

• Increased foreign investment influx.

• Boosted economic liberalization efforts.

What was the impact of globalization on outsourcing in India?

Globalization increased outsourcing in India.

• Cost efficiency for companies.

• Access to skilled workforce.

• Growth in IT and services.

Fill in the blank: The World Trade Organization (WTO) aims to create a ___-based trading system to prevent arbitrary trade restrictions.

Rule

Discuss the challenges faced by India post-reforms despite the GDP growth since 1991.

India faces post-reform challenges.

• Limited job creation remains an issue.

• Agriculture growth has been sluggish.

• Infrastructure investment is still inadequate.

B) Nationalization

What is the significance of disinvestment in the context of India's economic reforms?

Disinvestment enhances India's economic reforms.

• Improves efficiency of enterprises.

• Attracts private and foreign capital.

• Boosts overall economic performance.

True or False: India has faced high non-tariff barriers in developed countries, limiting its access to those markets.

True. Despite removing quota restrictions on exports, India still encounters non-tariff barriers in developed countries.

Explain the relationship between fiscal policy reforms and tax revenue generation in India post-1991.

Fiscal reforms reduced tax rates.

• Lower rates aimed to boost compliance.

• Evasion remains a significant issue.

• Impacts on welfare and development spending.