Q.In India, Economic policy reforms were started in the year :

India's New Economic Policy of Liberalisation, Privatisation and Globalisation was launched in 1991, so the answer is (b).

As covered in the development and planning topic of the Tamil Nadu HSC Commerce syllabus, by 1991 India faced a deep economic crisis — a foreign-exchange reserve barely enough for a few weeks of imports, a large fiscal deficit and rising inflation.

In response the Government introduced the New Economic Policy in 1991, built on three pillars:

• Liberalisation — removing industrial licensing and trade restrictions
• Privatisation — reducing the role of the public sector …