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Question
Statement 1: China introduced structural economic reforms on its own, without any pressure.
Statement 2: Scholars argue that in India, the economic reforms process led to the worsening of all the economic indicators.
Options
Statement 1 is true and Statement 2 is false.
Statement 1 is false and Statement 2 is true.
Both Statements 1 and 2 are true.
Both Statement 1 and 2 are false.
Solution
Statement 1 is true and Statement 2 is false.
Explanation:
China enacted structural economic reforms on its own, whereas Pakistan and India did so in response to IMF and World Bank pressure. Increased GDP, National Income, Per Capita Income, Increased Investment and Consumption, etc. are just a few of the stronger economic metrics that came about as a result of India's economic reform process.
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RELATED QUESTIONS
Agriculture sector appears to be adversely affected by the reform process. Why?
India’s post-1990 economic strategy entailed three important breaks with the past:
- To dismantle the vast network of controls and permits that dominated the economic system.
- To redefine the role of the state as a facilitator of economic transactions and as a neutral regulator rather than the primary provider of goods and services.
- To move away from a regime of import substitution and to integrate fully with the global trading system.
The 1991 reforms unleashed the energies of Indian entrepreneurs and gave untold choices to the consumers and changed the face of the Indian economy. The reform agenda constituted a paradigm shift and has defined the broad contours of economic policymaking for three decades.
Liberalization was adopted as the guiding principle of governance and all governments since 1991, have broadly stuck to that path.
Today we don’t need a paradigm shift. We need to look at individual sectors and see which one of these needs, reforms to create a competitive environment and improve efficiency. The power sector, the financial system, governance structures, and even agricultural marketing need reforms.
Today’s reforms also require much more discussion and consensus-building. The central government needs to work in tandem with state governments and consult different stakeholders impacted by reform decisions. Timing and sequencing are critically important in the new reforms’ agenda.
Read the following statements - Assertion (A) and Reason (R):
Assertion (A) - India’s pre-1990 economic strategy dismantles the vast network of controls and permits that dominated the economic system.
Reason (R) - The 1991 reforms unleashed the energies of Indian entrepreneurs, gave untold choices to consumers, and changed the face of the Indian economy.
From the given alternatives choose the correct one:
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Statement 1: Special Economic Zones (SEZ's) policy has led to huge Foreign Direct Investment (FDI) flow to China.
Statement 2: China's rapid industrial growth was the result of its economic reform in 1981.
In the light of the given statements, choose the correct alternative:
