After LPG reforms, India mainly followed _____.
Show answer & explanation
Correct answer: C
Explanation
Correct Answer:
Option 3 (Export-led growth strategy)
Explanation:
Following the 1991 LPG (Liberalization, Privatization and Globalization) reforms, India abandoned its old 'Import-Substitution' policy and began pursuing an 'Export-led growth strategy'. Its main objective was to integrate the Indian economy with global markets, increase foreign exchange reserves, and make domestic industries internationally competitive.
Possible Questions for the Upcoming Exam:
Who was the Finance Minister of India at the time of the 1991 economic reforms? (Answer: Dr. Manmohan Singh)
During which Prime Minister's tenure was the 'New Economic Policy' (NEP) implemented? (Answer: P.V. Narasimha Rao)
What does the 'G' in LPG stand for? (Answer: Globalization)