Reduction in the role of public sector In India is due to which of the following?
Answer & explanation
Correct answer: option 2
The correct answer is option 2- Privatisation.
Reduction in the role of public sector In India is due to Privatisation.
The Government of India announced a new industrial policy in July 1991 which sought to liberate the industry from the shackles of the licensing system (liberalisation), drastically reduce the role of the public sector (privatisation) and encourage foreign private participation in industrial development (globalisation).