From which five-year plan onwards in India, were fiscal and economic reforms including liberalization adopted?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Eighth Five-Year Plan.
Fiscal and economic reforms, including liberalization, in India were adopted from the Eighth Five-Year Plan (1992-1997) onwards. This plan marked a significant shift towards a market-oriented economy. Key reforms included deregulation, reduction of import tariffs, tax reforms, and opening up to foreign investment. These changes aimed to enhance economic efficiency, promote growth, and integrate India into the global economy, addressing the economic crisis of 1991 and aiming for sustainable development.