Which of the following is a part of industrial sector reforms?

Simplification of tax-paying procedure

The correct answer is Option 4: Simplification of tax-paying procedure

Reforms under liberalisation were majorly included under the following categories:

• Industrial sector: Abolition of industrial licensing, decrease in the role of public sector, price determination of market forces, imports of capital goods etc.
• Financial sector: Role of RBI, establishment of private sector banks, foreign investment, setting up new branches of banks
• Fiscal reforms: Reduction in direct taxes, Reform in indirect taxes, Simplification of tax-paying procedure.
• Foreign exchange reforms: Devaluation of Rupee, determination of forex rate
• Trade policy reforms: Removal of restrictions on imports and exports, reduction in tariff rates, removal of export duties etc.