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Economic liberalization in India started with ___

  1. A
    substantial changes in industrial licensing policy
  2. B
    convertibility of Indian rupee
  3. C
    doing away with procedural formalities for foreign direct investment
  4. D
    Significant reduction in tax rates

Solution & Step-by-step Explanation

The economic liberalization process in India was initiated in 1991 under the New Economic Policy. It began primarily with substantial changes in the industrial licensing policy, effectively abolishing the 'License Raj' for most industries to encourage market competition and private sector participation.

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Economic liberalization in India started with ___
A
substantial changes in industrial licensing policy
B
convertibility of Indian rupee
C
doing away with procedural formalities for foreign direct investment
D
Significant reduction in tax rates

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Economic HistoryLiberalizationReforms 1991

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