List of top Economics Questions on Economic Reforms asked in CUET (UG)

Select the correct statements in the context of reform policies in the industrial sector under New Economic Policy.
(A) Industrial licensing was abolished.
(B) The private sector was allowed in many industries.
(C) Many goods produced by small-scale industries have now been dereserved.
(D) Controls on price fixation and distribution of all industrial products by the government.
Choose the correct answer from the options given below:

Match List-I with List-II

Choose the correct answer from the options given below:

The Economic Reforms of 1991 in India are often referred to as:

Read the following passage carefully and answer the question. India adopted a new economic policy in 1991 in response to a severe balance of payments crisis. The reforms were based on Liberalisation, Privatisation and Globalisation (LPG). Liberalisation aimed at reducing government controls and restrictions on economic activities. Privatisation encouraged greater participation of the private sector in economic activities. Globalisation integrated the Indian economy with the world economy through trade, foreign investment and technology transfer. These reforms increased competition, improved efficiency and accelerated economic growth. Which of the following statements best explains the objective of Liberalisation under the New Economic Policy?

Read the following statements regarding Special Economic Zones (SEZs):
• SEZs are treated as foreign territory for trade operations and duties.
• SEZs were introduced to promote exports and attract investment.
• Goods moving from SEZs to the Domestic Tariff Area are generally subject to customs duties. Which of the following is correct?

The LPG reforms introduced in India in 1991 stand for:

Which of the following was a major objective of the LPG reforms introduced in India in 1991?