The Manmohan Singh Committee (1991) is known for:
Show answer & explanation
Correct answer: A
Explanation
Correct Answer:
Liberalization and structural adjustment
Explanation:
The Manmohan Singh Committee (1991) is famously associated with the introduction of economic liberalization, globalization, and structural adjustment policies in India. Following the severe balance of payments crisis of 1991, Dr. Manmohan Singh, as the Finance Minister under Prime Minister P.V. Narasimha Rao, spearheaded monumental economic reforms that dismantled the License Raj, opened up foreign direct investment (FDI), and integrated the Indian economy with global markets.
Key Points:
The 1991 structural reforms introduced the LPG model (Liberalization, Privatization, and Globalization).
These reforms shifted India from a closed, socialist-leaning economy to a market-driven, open economy.
Dr. Manmohan Singh presented the landmark Union Budget of 1991, which laid the foundation for India's rapid economic growth in the subsequent decades.
Important Questions and Answers:
Question: Who was the Prime Minister of India when the 1991 economic reforms were introduced?
Answer: P. V. Narasimha Rao.
Question: What does LPG stand for in the context of the 1991 Indian economic policy?
Answer: Liberalization, Privatization, and Globalization.