Liberalisation, Privatisation and Globalisation

Consider the following statements:
1. The government was not able to make repayments on its borrowings from abroad.
2. The foreign exchange reserve was not enough to import petrol and other important items.
3. There was rise in prices of essential goods.
Which of the above statement(s) is/are correct in context of 1991 economic crisis?

India approached to which of the following institution(s) for loan in order to meet its economic crisis in 1990-91?

Consider the following statements:
1. One of the major thrust areas of new economic policy 1991-92 was to bring inflation under control and stabilize the economy.
2. The policy also aimed at structural reforms and enhancing the efficiency of the economy.
The correct statement(s) is/are:

Prior to new economic policy in 1992-93, which kind of industrial regulations was/were placed on the industry?
1. Industrial licensing was required to start, or to close a firm.
2. Private sector was completely excluded in many industries.
3. Some goods were reserved to be produced only by small-scale industries.
4. Controls on price fixation.
Choose the correct answer using the options given below:

Consider the following statements with reference to the reform policies introduced in 1991:
1. Industrial licensing was abolished for all product categories .
2. Many goods produced by small-scale industries were effectively dereserved.
3. The role of RBI was changed from regulator to facilitator of financial sector. Choose the correct answer using the options given below:

Consider the following statements:
1. Growth of fast modes of communication has played a positive role in strengthening globalisation.
2. Due to globalisation, many of the services including BPOs, banking and insurance, legal services, etc. are being outsourced by companies to developed countries from India.
The correct statement(s) is/are:

The World Trade Organisation (WTO) was established as a successor body to:

Which of the following is/are among the objective(s) of the World Trade Organisation (WTO)?
1. To establish a rule-based global trading regime.
2. To enlarge production and trade of services.
3. To ensure optimum utilisation of world resources.
4. To protect the environment.
Choose the correct answer using the options given below:

Consider the following statements:
1. The WTO agreements cover trade in goods as well as services .
2. The WTO agreements facilitate multilateral trade systems only and do not cover bilateral trade systems.
The correct statement(s) is/are:

Consider the following statements:
1. The Indian economy GDP growth rate has constantly increased post-LPG-reform period.
2. During the reform period, the growth of agriculture has declined.
3. The growth in post-reform period is mainly driven by growth in the service sector.
Choose the correct answer using the option given below:

India is one of the largest foreign exchange reserve holders in the world. Foreign exchange reserves contains:
1. Foreign currency assets (FCAs)
2. Gold Reserves
3. Special Drawing Rights (SDRs)
Choose the correct answer using the options given below:

Consider the following statements:
1. Public investment in agriculture sector has fallen in the reform period.
2. In post-reform period, there has been a shift from production for the domestic market towards production for the export market in the agricultural sector.
The correct statement(s) is/are:

Consider the following Assertion (A) and Reason (R) type question:
Assertion (A): Globalisation has helped industrial growth in developing countries more than the developed countries.
Reason (R): The developed countries have fewer non-tariff barriers as compared to the developing countries.
Choose the correct answer using the options given below:

Consider the following statements:
1. The disinvestment process was first started in the beginning of 11th Five Year Plan (FYP).
2. A substantial portion of proceeds of disinvestments is used for the development of PSEs and building social infrastructure tn the country.
The correct statement(s) is/are:

Which of the following is/are among outcome(s) of the economic reforms:
1. Economic reforms have placed limits on the growth of public expenditure.
2. The tax reductions in the reform period has resulted in enormous increase in tax revenue for the government.
3. The tariff reduction through reforms has curtailed the scope for raising revenue through custom duties.
Choose the correct answer using the options given below:

Consider the following statements:
1. Globalisation has increased possibility of large industries of developing countries to become important players in the international arena.
2. Globalisation has also widened the economic disparities among nations and people.
The correct statement(s) is/are: