Economic Reforms Since 1991 test - 4

LPG stands for Liberalisation, Privatisation and Globalisation which was the model of economic reforms in India in 1991.

Multilateral trade agreements are commerce treaties between more than two nations. The agreements reduce tariffs and make it easier for businesses to import and export.

PSU stands for Public Sector Undertaking. These are also known as Public Sector Enterprises. It is the name given to the state owned enterprises in India.

World Trade Organisation (WTO) started functioning on 1st January 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT).

Both voice based business process services as well as banking services are being outsourced by companies in developed countries from India.

Under the industrial policy of 1991, the number of industries reserved for the public sector were reduced from 17 to only 8, which were considered to be of strategic importance.

Under the Reform policies introduced in and after 1991, only 3 industries were kept reserved for the public sector, i.e., defence equipments, atomic energy generation and railway transport.

Token privatisation, also known as deficit privatisation occurs when the government disinvests its share to the extent of 5 to 10 percent to meet the deficit in the budget.

The company which was founded as Videsh Sanchar Nigam Limited (VSNL) in 1986 is not one among Maharatna PSUs.

Statutory Liquidity Ratio (SLR) is a reserve requirement under which the commercial banks are required to keep a certain percentage of the total deposits in the form of cash.