Which of the following statement (s) is/are correct in the context of liberalisation?

Statement 1: Liberalisation policy was adopted for the first time after the crisis of 1991 in India.

Statement 2: Liberalisation was introduced to put an end to the rules and laws which became major hindrances in growth and development.

Only Statement 2 is correct.

There were many rules and laws which were aimed at regulating the economic activities, but became major hindrances in growth and development. Liberalisation was introduced in 1991 to put an end to these restrictions and open various sectors of the economy. Though a few liberalisation measures were introduced in 1980s in areas of industrial licensing, export-import policy, technology upgradation, fiscal policy and foreign investment, reform policies initiated in 1991 were more comprehensive.