In which areas were the "Liberalisation measures" introduced during the economic crisis in the year 1991?

All of the above

the correct answer is Option 4: All of the above

Liberalisation, as the term suggests, means to have a lot of freedom in deciding how to behave and think. It emcompassed reforms in industrial sector, financial sector and also in foriegn exchange market.

In financial sector, role of RBI changed from regulator to facilitator.

In industrial reforms, licensing was abolished for almost all products except few.

In foreign exchange reforms, now markets determined exchange rates based on the demand and supply of foreign exchange.