Which new industries grew after 1991 due to economic reforms?
Banking and Information Technology
The 1991 economic reforms introduced Liberalisation, Privatisation, and Globalisation (LPG), opening India's economy to private and foreign investment.
This period saw rapid expansion of the private banking sector (new private banks were licensed) and explosive growth of the Information Technology and IT-enabled services industry.
Space, nuclear, railways, and defence remained largely under state control and were not the primary sectors that expanded due to these reforms.
Hence, Banking and Information Technology grew as new industries after the 1991 reforms.
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