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UPSC 2000: Economic liberalisation in India started with
(a)substantial changes in industrial licensing policy
(b)the convertibility of Indian rupee
(c)doing away with procedural formalities for foreign direct investment
(d)significant reduction in tax rates
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Not attemptedCorrect Answer: (a) substantial changes in industrial licensing policy
Economic liberalisation began with the New Industrial Policy announced in July 1991, which abolished most industrial licensing (ending the ‘Licence Raj’) and opened many sectors to private and foreign investment; other measures such as rupee convertibility and large FDI deregulation followed later. Hence option (a) is the first step. ([en.wikipedia.org](https://en.wikipedia.org/wiki/Economic_liberalisation_in_India?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 2000 Indian Economy question?▼
The correct answer is option (a): substantial changes in industrial licensing policy. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Infrastructure & Industry question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2000, GS Paper 1, as Question 17. It falls under Indian Economy > Infrastructure & Industry.
What is the difficulty level of this UPSC question?▼
This question is rated "moderate". It requires sound conceptual understanding of the topic.
How many UPSC Prelims questions have been asked from Infrastructure & Industry?▼
UPSC has asked 74 questions from Infrastructure & Industry (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.