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

Statement 1: A few liberalisation measures were introduced by India in 1970s and 1980s in areas of industrial licensing, export-import policy etc.

Statement 2: Liberalisation reform policies initiated in 1991 were more comprehensive.

Only Statement 2 is correct.

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.