Assertion: In the 1990s most political parties in India were in support of the new economic policies.
Reason: They believed these policies would lead the country to prosperity and status of economic power in the world.

Both the Assertion and the Reason are correct and the Reason is the correct explanation of the Assertion.

In the 1990s there was agreement on new economic policies. Most political parties were in support of the new economic policies. Most parties believe that these policies would lead the country to prosperity and status of economic power in the world.