The Economic Survey of India (2002–03) discusses the impact of globalisation after the 1991 reforms. Which strategy best reflects this influence when a district seeks to attract new industries?
Promoting domestic–foreign joint ventures
The 1991 economic reforms — commonly summarised as Liberalisation, Privatisation and Globalisation (LPG) — opened up the Indian economy after decades of a tightly controlled, licence-based system. The Economic Survey of India (2002–03) reviewed how this globalisation reshaped industry, and a defining feature of the post-1991 era was the surge in domestic–foreign joint ventures, through which Indian firms partnered with foreign companies to bring in capital, advanced technology, and access to global markets.
So, when a district wants to attract new industries in the spirit of that globalised, reform-oriented approach, the strategy that best reflects the 1991 influence is promoting domestic–foreign joint ventures — it welcomes foreign investment and expertise while retaining local partnership.
Why the other options run against the reform logic:
- Restricting foreign financial institutions is the opposite of globalisation; the reforms sought to invite foreign capital, not shut it out.
- Expanding industrial licensing revives the very "Licence–Permit Raj" that the 1991 reforms dismantled by abolishing licensing for most industries.
- Enhancing agricultural subsidies is a domestic support measure unrelated to attracting new industry through global integration.
Hence the correct answer is Promoting domestic–foreign joint ventures.
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