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Flashcards on Economic Reforms in India Since 1991
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What year marked the beginning of significant economic reforms in India?
1991
Which sector was liberalized to allow for more private enterprise and foreign investment?
Industrial sector
What was the main purpose of liberalization under the 1991 economic reforms?
To integrate the Indian economy with the world economy
Which policy was introduced to abolish licenses except for a few industries?
Industrial Policy Reform
Which system was replaced by the market-determined exchange rate system?
Fixed exchange rate system
What term is used to describe the opening up of the economy to foreign investment and trade?
Globalization
What kind of policy reforms were made to reduce the fiscal deficit and public debt?
Fiscal Reforms
Which regulatory body was established to regulate the stock market?
SEBI (Securities and Exchange Board of India)
What does 'Disinvestment' in the context of 1991 reforms refer to?
Government selling its shares in public sector enterprises
What did the Trade Policy Reforms aim to simplify?
The process of imports and exports
Which policy was introduced to give farmers more freedom to sell their produce?
Agricultural Policy Reforms
What did the government relax to encourage more private sector participation?
Foreign Direct Investment (FDI) norms
What name is given to the financial sector reforms aimed at improving the health of banks and financial institutions?
Banking Reforms
What was introduced to lower tariffs and import duties?
Trade liberalization
What reform process focused on creating a transparent and competitive environment in the financial market?
Capital Market Reforms
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Test Your Knowledge
Which year were the economic reforms in India initiated?
1991
1981
2001
2011
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What was the key objective of the 1991 economic reforms?
To impose more trade restrictions
To liberalize the Indian economy
To promote public sector only
Privatize education
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What policy reform focused on de-licensing industries?
Industrial Policy Reform
Fiscal Policy Reform
Monetary Policy Reform
Agricultural Policy Reform
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SEBI was established to regulate which sector?
Banking
Stock Market
Agriculture
Education
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Which of the following terms best describes India's approach to international trade post-1991 reforms?
Isolation
Globalization
Nationalization
Protectionism
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What kind of investment norms were relaxed to boost the economy?
Local Direct Investment
Foreign Direct Investment
Government Directed Investment
Environmental Investment
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The term 'Disinvestment' in the 1991 economic reforms, refers to what?
Investing in infrastructure
Investing in education
Selling government shares in public sector
Buying private sector shares
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What were the fiscal reforms of 1991 focused on reducing?
Inflation
Fiscal deficit and public debt
Foreign Direct Investment
Private sector growth
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Trade liberalization led to the reduction of what?
Corporate taxes
Tariffs and import duties
Government subsidies
Foreign Direct Investment
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Which financial market saw significant reforms for transparency and competitiveness?
Real Estate Market
Capital Market
Commodity Market
Education Market
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