One of the economic reforms that was introduced in 1991 led to freedom in deciding the scale of business activities as well as freedom in fixing the prices of goods and services.
Identify the economic reforms.
One of the economic reforms that was introduced in 1991 led to freedom in deciding the scale of business activities as well as freedom in fixing the prices of goods and services.
Identify the economic reforms.
Solution
✅ Correct Option: 2
Liberalization refers to removing restrictions on business activities, giving freedom to decide the scale of operations, fixing prices, and making investment decisions. It ended the licence-permit-quota raj and allowed businesses to operate with fewer government controls.
Related questions:
2025: 14 May Shift 1
2025: 15 May Shift 1
2025: 27 May Shift 2