Introduction of fiscal and economic reforms including liberalisation was under ______ five year plan of India.
Show answer & explanation
Correct answer: D
Explanation
Correct Answer:
Option 4: Eighth
Explanation:
In India, economic reforms—including Liberalization, Privatization, and Globalization (LPG)—were initiated during the Eighth Five-Year Plan (1992–1997). Following the Balance of Payments crisis of 1991, the Government of India implemented major changes in its economic policies. The then Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh spearheaded these reforms. Through this process, India's economy opened up to the global market, and the role of the private sector expanded.
Additional Facts:
Option 1: The First Plan focused on agriculture.
Option 2: The Second Plan focused on industrial development.
Option 3: The Fourth Plan was distinct.
Option 4: Correct Answer.
Potential Questions for Upcoming Exams:
Question: What is the full form of LPG?
Answer: Liberalization, Privatization, Globalization
Question: What was the 1991 crisis related to?
Answer: Balance of Payments
Question: What position did Manmohan Singh hold?
Answer: Finance Minister
Question: When was the Planning Commission established?
Answer: 1950