Q.What is meant by Globalization ?

The first ever SEZ in India was set up at Kandla — option (c).

Special Economic Zones (SEZs) are specially delimited, duty-free enclaves treated as foreign territory for trade and tariff purposes, created to boost exports and attract investment. India's first zone was established at Kandla in Gujarat (as the Kandla Export Processing Zone) — it was Asia's first and India's first such zone, later brought under the SEZ framework as part of the country's liberalisation and export-promotion reforms. …

GST was introduced in India on 1 July 2017, so the answer is option (d).

The Goods and Services Tax (GST) is a comprehensive, destination-based indirect tax that replaced a range of central and state taxes (such as excise duty, service tax and VAT) with a single unified tax under the slogan 'One Nation, One Tax'. It came into effect across India from …

The Special Economic Zones (SEZ) policy was announced in April 2000.

As part of the post-1991 liberalisation, privatisation and globalisation reforms, the Government of India introduced the Special Economic Zones (SEZ) policy in April 2000 to promote exports, attract foreign investment and create employment by providing duty-free, well-infrastructured e …

The argument against LPG is (d) disparities among people and regions.

The Liberalisation, Privatisation and Globalisation (LPG) reforms of 1991 opened up the Indian economy. While they raised growth and investment, critics point out that the gains were not shared equally. The reforms widened income inequality between the rich and the poor and deepened regional imbalances, as developed states and urban areas benefited far more than backward states and rural areas. This rise in disparities is therefore an argument against LPG.

Why the others are wrong: …

The triple pillars of the New Economic Policy are (b) LPG.

The New Economic Policy introduced in 1991 was built on three broad measures, together known by the abbreviation LPG:

• Liberalisation - reducing government controls and licensing so that markets can operate freely.
• Privatisation - transferring ownership and management of public sector units to the private sector.
• Globalisation - integrating the Indian economy with the world economy through trade and investment.

Why the others are wrong:

• (a) GST is a tax reform introduced much later.
• (c) PSU means Public Sector Undertaking. …