India History Quiz-26{Liberalization, Privatization, & Globalization (LPG) ]Mani YadavMarch 7, 2025India History Welcome to your India History Quiz-26{Liberalization, Privatization, & Globalization (LPG) ] In which year did India introduce economic liberalization? 1980 2000 1991 1975 None Who was the Prime Minister of India when the LPG reforms were introduced? Manmohan Singh P. V. Narasimha Rao Rajiv Gandhi Atal Bihari Vajpayee None Who was the Finance Minister of India during the 1991 economic reforms? Raghuram Rajan Pranab Mukherjee Dr. Manmohan Singh Yashwant Sinha None Which global financial institution played a key role in India’s 1991 reforms? World Bank International Monetary Fund (IMF) Asian Development Bank WTO None What was the primary reason for introducing LPG reforms in India? Political instability High inflation Balance of Payments (BoP) crisis Pressure from the UN None Under Privatization, the Indian government started reducing its control over? Private companies Public Sector Undertakings (PSUs) Foreign banks Agricultural subsidies None What was the foreign exchange reserve of India during the 1991 crisis? $10 billion $50 billion Less than $1 billion $100 billion None India adopted Globalization in 1991 to? Promote domestic industries Restrict imports Integrate with the world economy Increase government control None Which policy change was introduced to attract foreign investment? License Raj expansion Foreign Direct Investment (FDI) liberalization Higher import tariffs Nationalization of banks None Which sector was the first to be privatized under the LPG reforms? Railways Telecom sector Banking Education None What does Liberalization mean in economic terms? Increasing taxes Strengthening public sector industries Reducing government restrictions on trade and business Removing foreign investments None The end of the License Raj was a result of? Nationalization of banks Green Revolution Liberalization policies Demonetization None Foreign Exchange Regulation Act (FERA) was replaced by? Goods and Services Tax (GST) Foreign Exchange Management Act 1999 Companies Act Special Economic Zones Act None New Industrial Policy of 1991 removed restrictions on? Foreign investment Private sector involvement in industries Public sector bank control Agricultural land ownership None Which sector saw the biggest impact of liberalization? Agriculture Information Technology (IT) and Telecom Manufacturing Defense None Privatization in India refers to? Increase in public sector companies More government regulations Transfer of ownership from government to private players Expansion of state-controlled industries None The first Indian PSU to be privatized under disinvestment was? BSNL LIC Modern Foods Industries (1999 ONGC None Disinvestment means? Nationalizing industries Selling government shares in PSUs Increasing import duties Expanding PSUs None Which Indian banking sector reform allowed private banks to operate? Banking Nationalization Act 1991 Economic Reforms RBI Act of 1956 FEMA 1999 None The first fully privatized Indian bank post-1991 was? SBI ICICI Bank Punjab National Bank Bank of Baroda None What is Globalization in the context of India? Strengthening PSUs Integration with the global economy Closing foreign investments Increasing domestic restrictions None Which organization regulates World Trade that India joined in 1995? World Bank United Nations World Trade Organization (WTO International Monetary Fund None What is the impact of globalization on the Indian economy? Decline in technology Decrease in private businesses Increase in foreign investments and outsourcing More government control None What is the main disadvantage of globalization in India? Reduced foreign investment Loss of local businesses to global companies Decrease in employment No economic growth None Which Indian industry benefited most from globalization? Agriculture Textile Industry IT and Software Services Mining None The Make in India initiative was launched in? 1991 2000 2014 2010 None Which Indian company became a global IT leader after globalization? ONGC BSNL Infosys Tata Steel None The FDI limit in Indian retail sector was first relaxed in? 1991 2006 2010 2020 None Which sector was not included in the LPG reforms initially? Telecom Banking Agriculture IT None The GST (Goods and Services Tax), 2017 was introduced to? Increase trade restrictions Eliminate foreign companies Simplify the tax system & boost trade Restrict privatization None 1 out of 30 Time's upTime is Up! Post Views: 79
