1. : India’s economic liberalization, initiated in 1991, primarily aimed to:
(A) Increase government control over the economy
(B) Encourage private sector participation and foreign investment
(C) Nationalize major industries
(D) Promote self-sufficiency through import substitution
2. : Which sector experienced significant growth as a result of India’s economic reforms?
(A) Public sector enterprises
(B) Agriculture
(C) Service industry, particularly IT and BPO
(D) Cottage industry
3. : The introduction of the Goods and Services Tax (GST) in India aimed to:
(A) Reduce the overall tax burden on businesses
(B) Simplify the tax structure and improve compliance
(C) Increase tariffs on imports to protect domestic industries
(D) Nationalize the banking sector
4. : Foreign Direct Investment (FDI) inflows into India increased significantly after economic reforms primarily due to:
(A) Restrictions on foreign investment
(B) Streamlined approval processes and liberalized policies
(C) High tariffs on imported goods
(D) Emphasis on import substitution
5. : The economic reforms in India led to an increase in:
(A) Poverty and income inequality
(B) Government control over the economy
(C) Industrial stagnation
(D) Economic growth and globalization