CLAT 2020 General Knowledge: Aatmanirbhar Bharat Abhiyan

Prime Minister Narendra Modi on Saturday said major global firms are looking at India as a major investment destination, which is reflected by a robust inflow of Foreign Direct Investment (FDI) last financial year, and through 'Atmanirbhar Bharat Abhiyan' (SelfReliant India initiative) the country is shifting its focus from 'Make in India' to 'Make for world'. He said Independent India should be "vocal for local" and asked citizens to glorify Indian products to promote 'Atmanirbhar Bharat'. Unveiling his vision of a Self-Reliant India, the Prime Minister said that the government has unveiled over Rs 110 lakh crore National Infrastructure Pipeline (NIP) to boost the economy and create jobs. "In order to rapidly modernise India, there is a need to give a new direction to overall infrastructure development," he said, adding that over 7,000 projects under NIP have been already identified. "This will be, in a way, a new revolution in the field of infrastructure. This is the time to end silos in infrastructure. There is a plan to connect the entire country with multimodel connectivity infrastructure," he said. NIP will play a crucial role in overcoming the adverse impact of Covid-19 on the economy and catapult the economy in a higher growth trajectory, he said. The government on December 31 last year unveiled the NIP with an aim to make India a $5 trillion economy by 2024-25. The focus of the infrastructure pipeline is to accelerate growth and create employment in both urban and rural areas.

Source: Excerpt from Hindustan Times, written by Rajeev Jayaswal. (Dated 15th August, 2020)

Which of the following events can be seen as the stepping stone for the growth of the Foreign Direct Investment (FDI) in India?

FDI definition - foreign direct investment is an investment in the form of a controlling ownership in a business in one country by an entity based in another country.

All the options given encourage FDI inflow into the Indian market, but the 1991 economic reforms were the ‘stepping stone’ for FDI into India. The ‘balance of payments’ crisis in 1991 forced India to initiate liberalization, privatization and globalization reforms – making India an attractive market for foreign investors and industries.

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