Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:

India adopted "Economics reforms" in which year?

Options:

1991

1993

1987

2002

Correct Answer:

1991

Explanation:

The correct answer is option 1: 1991

India witnessed a catastrophic situation in the year 1991, where government was unable to make repayments on its borrowing from abroad. Foreign exchange reserves dropped to the levels that were not sufficient for even a fortnight. So, it introduced a "New Economic Policy" which is also known as Economic Reforms of 1991.