Q: S1. Liberalisation and globalisation freed India's economy from the low GDP trap that had impeded India's progress S6. Today India has transformed into one of the largest economies of the world P. India's 3 pc rate of growth and a set of emergent circumstances led to a balance of payment crisis in the early 1990s Q. Ease of business was ensured, and the requirement for import licences, and production quotas, were removed R. Apart from these measures India also took a loan from the IMF to tide over the crisis, but after 1993, India has not taken another loan from the IMF S. In a landmark budget in 1991, responding to the emergent crisis, India delicenced many industries and liberalised its economic policies