Liberalisation, Privatisation and Globalisation

Which statement best describes the objective of the LPG reforms?

1. To increase government control over all economic activities
2. To improve efficiency, promote competition, and integrate India with the global economy
3. To eliminate private businesses completely
4. To stop foreign trade permanently

A major criticism of liberalisation is that it may lead to:

1. Complete elimination of poverty immediately
2. Increased income inequality
3. End of international trade
4. Elimination of technological development

Which sector experienced significant growth after the economic reforms of 1991?

1. Information Technology and Services
2. Bullock cart manufacturing
3. Handwritten communication services
4. Traditional barter system

The World Trade Organization (WTO) was established in:

1. 1985
2. 1991
3. 1995
4. 2000

Which of the following is a major advantage of globalisation?

1. Reduction in technological progress
2. Greater access to international markets and technology
3. Elimination of competition
4. Ban on foreign investment

The abolition of industrial licensing for most industries was a feature of:

1. Nationalisation
2. Liberalisation
3. Green Revolution
4. Land reforms

Foreign Direct Investment (FDI) means:

1. Loans taken by the government from banks
2. Direct investment by foreign companies in domestic businesses
3. Domestic investment in agriculture only
4. Government subsidies to industries

Disinvestment means:

1. Increasing government investment in public enterprises
2. Selling a part of the government's ownership in public sector enterprises
3. Nationalising private companies
4. Closing all public sector units

Which international institution provided financial assistance to India during the 1991 crisis?

1. UNESCO
2. IMF
3. WHO
4. UNICEF

The Balance of Payments crisis in 1991 mainly occurred because India had:

1. Excessive agricultural production
2. Insufficient foreign exchange reserves
3. High exports
4. Low imports

Globalisation refers to:

1. Restricting international trade
2. Integration of domestic economy with the world economy
3. Eliminating exports
4. Government ownership of industries

Privatisation involves:

1. Increasing government ownership of industries
2. Selling or transferring government-owned enterprises to the private sector
3. Closing all industries
4. Eliminating foreign investment

Liberalisation mainly refers to:

1. Increasing government control over industries
2. Reducing government restrictions on economic activities
3. Nationalising all industries
4. Banning foreign trade

Which of the following is not one of the three pillars of the 1991 economic reforms?

1. Liberalisation
2. Privatisation
3. Globalisation
4. Nationalisation

The economic reforms introduced in India in 1991 are collectively known as:

1. Green Revolution
2. New Economic Policy (NEP)
3. White Revolution
4. Industrial Revolution