WBCS.LIVE practice question

‘Economic Reform’ measures in India was formally introduced in

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. July, 1991
  2. August, 1947
  3. January, 1980
  4. March, 1990

Correct answer and explanation

Correct answer: July, 1991

Explanation: ✅ Correct Answer: A) July, 1991 📚 Explanation: Major economic reforms, often called Liberalization, Privatization, and Globalization (LPG), were formally introduced in India in July 1991. They were launched to address a severe balance of payments crisis. The reforms were led by the government of P.V. Narasimha Rao with Manmohan Singh as Finance Minister. This shift opened the Indian economy to global trade and reduced government control over industry.