Question

Which of the following most accurately describes a major change that occurred after the 1991 Economic Policy reforms in India?

Options

• Increase in government control over private business.

• Greater competition due to the entry of private and foreign companies.

• Complete closure of public sector enterprises.

• Ban on technological advancement in industries.

Answer 1

Greater competition due to the entry of private and foreign companies.

Explanation:

The policy reforms opened the economy, encouraging private and foreign firms to participate, which resulted in a more competitive business environment.