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Question
Why did the Indian government liberalize trade regulations in 1991?
Options
Government wanted foreign exchange equivalent to Indian Currency.
Government wanted to maintain good relations with Western Countries.
Government wanted Indian producers to compete in the World Market.
Government wanted to provide socio-economic justice to all.
Solution
Government wanted Indian producers to compete in the World Market.
Explanation:
In 1991, the Indian government liberalised trade regulations, allowing goods to be easily imported and exported. Foreign companies could set up factories and offices here, and Indian producers could compete with producers from all over the world.
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