Which of the following statement is correct about the liberalisation of the Indian Economy?
Answer & explanation
Correct answer: option 2
The correct answer is option 2:Since the late 1980s, India has entered a new era in its economic history, following the change in economic policy from one of state-led development to liberalisation.
NCERT Text: Since the late 1980s, India has entered a new era in its economic history, following the change in economic policy from one of state-led development to liberalisation. This shift also ushered in the era of globalisation, a period in which the world is becoming increasingly interconnected — not only economically but also culturally and politically.
Note: The process of liberalisation started in late 1980s whereas major changes was made in the economic policy since 1991.