Choose the below statement as true/false:

Starting around 1991, some far-reaching policy changes were made in India.

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True

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Detailed Solution

The above statement is True.
Starting around 1991, some far-reaching policy changes were made in India. The government decided that the time had come for Indian producers to compete with producers around the globe. It was felt that competition would improve the performance of producers within the country since they would have to improve their quality. These decisions were supported by influential organisations like the WTO. Thus, the barriers to foreign trade and investment were removed significantly. This implies free imports and exports of various goods and services across the country. The MNCs can also set up their production units in India.

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