Which reform programme did Finance Minister Manmohan Singh describe in his 24 July 1991 Budget speech as including industrial-policy deregulation and up to 51% foreign equity in specified high-priority industries?
Answer and explanation
Correct answer: B. The 1991 economic liberalisation programme
- Step 1: In his 24 July 1991 Budget speech, Manmohan Singh described the reform programme as extending beyond stabilisation, citing industrial-policy deregulation, reduced import licensing and greater use of foreign investment and technology. Answer: The 1991 economic liberalisation programme. Narasimha Rao, with Manmohan Singh as finance minister, began a programme of economic liberalisation in July 1991, and industrial licensing was largely dismantled. Why not the others: None of the other options fits.
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