WBCS.LIVE practice question

Who is called the pioneer of Liberalisation of Indian Economy?

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

Answer options

  1. Dr. Manmohan Singh
  2. P.V. Narsimha Rao
  3. Dr. Bimal Jalan
  4. P. Chidambaram

Correct answer and explanation

Correct answer: Dr. Manmohan Singh

Explanation: Dr. Manmohan Singh, as the Finance Minister of India in 1991, is regarded as the pioneer of economic liberalisation. He introduced the New Economic Policy (1991) under Prime Minister P.V. Narasimha Rao’s leadership, focusing on Liberalisation, Privatisation, and Globalisation (LPG). The reforms included de-licensing of industries, reduction of import tariffs, encouragement of foreign investment, and fiscal discipline. These measures ended the era of the ‘License Raj’ and opened India’s economy to global competition, laying the foundation for rapid economic growth.