The economic policy reforms of 1991 are popularly known as:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. New Economic Policy.
The New Economic Policy (NEP) of 1991 was launched to address a severe balance of payments crisis. It shifted India from a "License Raj" to a market-oriented economy through Liberalisation, Privatisation, and Globalisation (LPG). These reforms dismantled industrial licensing, reduced trade barriers, and encouraged foreign investment, fundamentally transforming India’s growth trajectory.