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Questions and Answers
What was the growth rate of Gross Domestic Product (GDP) during the period of 2007-12?
What was the growth rate of Gross Domestic Product (GDP) during the period of 2007-12?
Which sector of the Indian economy has consistently shown significant growth post-1991?
Which sector of the Indian economy has consistently shown significant growth post-1991?
What was the foreign direct investment (FDI) in India during 2017-18?
What was the foreign direct investment (FDI) in India during 2017-18?
How did the agricultural growth rate perform during the period from 2013-14 to 2014-15?
How did the agricultural growth rate perform during the period from 2013-14 to 2014-15?
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By how much did foreign exchange reserves grow from 1990-91 to 2018-19?
By how much did foreign exchange reserves grow from 1990-91 to 2018-19?
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What was a noted consequence of the reform period starting in 1991 on the industrial sector?
What was a noted consequence of the reform period starting in 1991 on the industrial sector?
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What percentage growth did the service sector achieve in 2014-15?
What percentage growth did the service sector achieve in 2014-15?
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In which category does India rank concerning foreign exchange reserves?
In which category does India rank concerning foreign exchange reserves?
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What primarily drove the GDP growth during the post-1991 reform period in India?
What primarily drove the GDP growth during the post-1991 reform period in India?
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Which period marked a high growth rate for agriculture before subsequent decline?
Which period marked a high growth rate for agriculture before subsequent decline?
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Study Notes
Indian Economy Post-1991 Reforms
- Economic Growth: India experienced rapid GDP growth following the 1991 reforms, increasing from 5.6% during 1980-91 to 8.2% during 2007-12.
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Sectoral Performance:
- Agriculture: Growth declined post-1991.
- Industry: Fluctuations occurred, with a steep decline during 2012-13 followed by continuous growth.
- Services: Growth increased significantly, becoming the main driver of overall GDP growth.
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Foreign Investment:
- Increased dramatically, including foreign direct investment (FDI) and foreign institutional investment (FII).
- Rising from US 100millionin1990−91toUS100 million in 1990-91 to US 100millionin1990−91toUS30 billion in 2017-18.
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Foreign Exchange Reserves:
- Rose significantly from US 6billionin1990−91toUS6 billion in 1990-91 to US 6billionin1990−91toUS413 billion in 2018-19.
- India is now one of the world's largest holders of foreign exchange reserves.
- Exports: India became a major exporter of auto parts, pharmaceutical goods, engineering goods, IT software and textiles.
- Inflation: Inflation was kept under control.
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Description
Test your knowledge on the significant changes in the Indian economy following the 1991 reforms. This quiz covers topics such as economic growth, sectoral performance, foreign investment, and exports. Understand how these reforms shaped India's economic landscape and its global standing.
