Question : Statement 1: The 1991 economic policy in India aimed to address high inflation and fiscal deficit.
Statement 2: The economic reforms of 1991 were initiated under the leadership of Indira Gandhi.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
Statement 1 is true. The economic reforms of 1991 were introduced to tackle various economic challenges, including high inflation and a significant fiscal deficit. The policy aimed to stabilize the economy, promote growth, and address macroeconomic imbalances.
Statement 2 is false. The economic reforms of 1991 were implemented under the leadership of Prime Minister P.V. Narasimha Rao and his Finance Minister Dr. Manmohan Singh. Indira Gandhi served as the Prime Minister of India in earlier years, but she was not in power during the implementation of the 1991 economic reforms.
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