Which of the following was not an industrial reform policy introduced in India in and after 1991 ?

Industrial Licensing for private sector industries

The correct answer is option (3) : Industrial Licensing for private sector industries

Post-1991 reforms in India aimed to reduce industrial licensing and promote liberalization, and the option stating industrial licensing for private sector industries goes against the trend of reducing such restrictions.

The reform policies introduced in and after 1991 removed many of these restrictions. Industrial licensing was abolished for almost all but product categories — alcohol, cigarettes, hazardous chemicals, industrial explosives, electronics, aerospace and drugs and pharmaceuticals. The only industries which are now reserved for the public sector are a part of defence equipment, atomic energy generation and railway transport. Many goods produced by small-scale industries have now been dereserved. In many industries, the market has been allowed to determine the prices.