S1. Liberalisation and globalisation freed India's economy from the low GDP trap that had impeded India's progress S6. Today India has transformed into one of the largest economies of the world P. India's 3 pc rate of growth and a set of emergent circumstances led to a balance of payment crisis in the early 1990s Q. Ease of business was ensured, and the requirement for import licences, and production quotas, were removed R. Apart from these measures India also took a loan from the IMF to tide over the crisis, but after 1993, India has not taken another loan from the IMF S. In a landmark budget in 1991, responding to the emergent crisis, India delicenced many industries and liberalised its economic policies

Directions : In this section each item consists of six sentences of a passage. The first and sixth sentences are given in the beginning as S1 and S6. The middle four sentences in each have been jumbled up and labelled as P, Q, R and S. You are required to find the proper sequence of the four sentences and mark your response accordingly on the Answer Sheet.

  1. A. Q S R P
  2. B. S Q P R
  3. C. R Q S P
  4. D. P S Q R ✓

Correct Answer: D. P S Q R

Explanation

Sentence P sets the background context of the 1990s crisis. S describes the immediate 1991 policy response. Q elaborates on the liberalisation measures mentioned in S. R describes additional measures (IMF loan), completing the narrative before S6.

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