What major economic policy is Rao known for introducing?
Protectionism
Liberal reforms
Bimetallic standard
Import substitution
Answer
The answer is liberalization reforms marked an important milestone in the evolution of India's economy. Introduced in the 1991-1992 Union budget, these reforms liberalized India's trade and industrial sectors, significantly altering foreign investment and fostering economic growth. They shifted India from a centralized, state-controlled economy to one that emphasizes the free market, competition, and private sector participation.
The Transformative Journey of P. V. Narasimha Rao: An Engaging English Quiz!
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