Question

Which of the following economic reforms in India leads to social justice and welfare? 

Options

• The economic reforms have enabled India to access and compete in the international markets. 

• The increased inflows of foreign capital and investment to India have eliminated the shortage of foreign exchange to finance the imports of sophisticated and advanced technologies to India. 

• The boom in the outsourcing and the service sector led India's economic growth and GDP to increase by many folds. 

• All of the above

Answer 1

All of the above

Explanation:

India has been able to enter and compete in worldwide markets thanks to economic changes. This made it easier to move products and services across international borders. In addition, significant inflows of foreign money and investment into India have decreased the need for foreign exchange to finance the purchase of complex and advanced technology into India. Furthermore, India's economic growth and GDP increased by many folds as a result of the outsourcing and service sector boom. However, agriculture, which employed a large percentage of the population, was not benefited from these economic reforms. The reforms also favored the high-income population at the expense of their low-income counterparts. As a result, there are wide and growing economic and social disparities among people.