✅ Answer: B) P.V. Narasimha Rao and Dr. Manmohan SinghThe 1991 LPG reforms were launched by PM P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh. Dr. Singh’s famous budget speech on July 24, 1991 quoted Victor Hugo: “No power on earth can stop an idea whose time has come.”

✅ Answer: B) Liberalisation, Privatisation, GlobalisationLPG in the context of 1991 economic reforms stands for Liberalisation (reducing government controls), Privatisation (reducing public sector role), and Globalisation (integrating with world economy). These three pillars transformed India’s economy.

✅ Answer: C) $1.2 billion (2 weeks of imports)During the 1991 crisis, India’s foreign exchange reserves fell to just $1.2 billion — barely enough for 2 weeks of imports. India was on the verge of defaulting on its international debt. This forced India to pledge gold and approach the IMF for a loan.

✅ Answer: B) Raj KrishnaThe term “Hindu Rate of Growth” was coined by economist Raj Krishna to describe India’s slow GDP growth of ~3.5% per year from the 1950s to 1980s. It was a critique of India’s socialist economic policies that led to slow growth despite high potential.

✅ Answer: B) Competition Act, 2002The MRTP Act (Monopolies and Restrictive Trade Practices Act) was replaced by the Competition Act, 2002. The Competition Commission of India (CCI) was established under this Act to prevent anti-competitive practices and promote competition in the market.

✅ Answer: C) 1995India joined the World Trade Organisation (WTO) on January 1, 1995 — the day WTO was established (replacing GATT). WTO membership committed India to further trade liberalisation and opened India’s markets to global competition.

✅ Answer: C) 63rdIndia’s Ease of Doing Business ranking improved from 142nd (2014) to 63rd (2019) — a jump of 79 positions in 5 years. This was a major achievement of second generation reforms including GST, IBC, and various regulatory simplifications.

✅ Answer: C) 67 tonnesIndia secretly airlifted 67 tonnes of gold to the Bank of England and Bank of Japan in May 1991 to pledge as collateral for emergency loans. This was a national humiliation that forced India to undertake economic reforms.

✅ Answer: C) Insolvency and Bankruptcy Code (2016)The IBC (2016) is a second generation reform — it addresses deeper structural issues like bad loans and insolvency resolution. First generation reforms (1991) focused on macroeconomic stabilisation. Second generation reforms focus on structural changes like labour laws, land reforms, GST, IBC.

✅ Answer: C) $600+ billionIndia’s foreign exchange reserves are approximately $600+ billion in 2023 — a massive increase from just $1.2 billion in 1991. This transformation was made possible by the LPG reforms, IT boom, FDI inflows, and remittances from the Indian diaspora.