Which of the following is the objective of the India's Industrial Policy 1991?
I. To introduce liberalisation.
II. To remove restrictions on direct foreign investment.
Show answer & explanation
Correct answer: C
Explanation
The New Industrial Policy of 1991 brought about significant changes in India's economy.
Its primary objective was to promote liberalization, privatization, and globalization.
Under this policy, several restrictions imposed on industries were removed.
Foreign Direct Investment (FDI) was encouraged.
The role of the private sector was strengthened.
The licensing system was abolished or curtailed.
This gave momentum to economic growth.
Both statements accurately reflect the objectives of this policy.