The economic reforms initiated in India in the early 1990s involved liberalisation, privatisation, and globalisation (LPG). A key aspect was reducing the role of the state in industrial activity and promoting the private sector (both domestic and foreign). As a result, a large portion of industrial investment and development shifted from public sector enterprises and state direction to private and multinational companies. Since these entities primarily operate based on market forces and their own strategies rather than detailed state plans, the overall state "planning process" for the industrial sector became significantly less important.
The planning process in the industrial sector in India has assumed a relatively less important position in the nineties as compared to that in the earlier period. Which one of the following is true in this regard?
Asked in UPPCS Prelims 1999 · Topic: Planning (Role of State and Market in Modern Economic Planning)
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Answer: A. With the advent of liberalisation, industrial investments/development have largely been placed within the domain of private and multinational sectors
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