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Economics · 2023 · 4 marks
Liberalisation, Privatisation and Globalisation: An AppraisalLiberalisation4 marksUnderstandshort answer
CBSE 2023 · Region 4 · Set 1 · Q31
Discuss any two liberalisation measures pertaining to the financial sector, introduced by the Government of India during the economic reform process…
Discuss any two liberalisation measures pertaining to the financial sector, introduced by the Government of India during the economic reform process of 1991.
Marking-scheme solution
The financial sector witnessed a major revamp under the economic reform process of 1991. The two main measures in this direction may be quoted as:
Redefining the role of RBI from regulator to facilitator of the financial sector. It implies that the financial sector could now take decisions on many matters without consulting the RBI.
The reform policies led to the establishment of private sector banks (Indian as well as foreign).
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CBSE Class 12 Economics past-paper question from the 2023 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.