Economics

In June 2010, the Government of India deregulated the pricing of Petrol (3), allow ing Oil Marketing Companies (OMCs) to set retail prices based on market conditions. Diesel price deregulation happened later (Oct 2014), and LPG/Kerosene largely remained adminis tered. Rejecting Options: Pricing for all products was not deregulated simultaneously at that time.

MobileNumberPortability(MNP)wasprimarilyintroducedtoempowerconsumers byallowingthemtoswitchoperatorswhilekeepingtheirnumber. Thisencouragescompetition among providers, leading users to switch for reasons like better service quality, customer care, or better tariff plans (1). It’s about consumer choice driving market improvements. Rejecting Options: (2) and (3) might be outcomes of competition facilitated by MNP, but not the primary reason for its implementation.

ThemajoreconomicliberalizationreformsinIndia, movingawayfromthe”Licence Raj,” were initiated in 1991 (2) by the government of P.V. Narasimha Rao, with Manmohan Singh as Finance Minister, in response to a balance of payments crisis. Rejecting Options: While some minor reforms occurred earlier, 1991 marks the beginning of the significant, sys temic shift.

For the Financial Year 2010-11 (Assessment Year 2011-12), the basic income tax exemption limit for individuals (Men and Women below 65 years at that time) was 1,60,000 (1.60 lacs) (1). Rejecting Options: (2) was for earlier years. (3) was for senior citizens (65+). (4) was for very senior citizens (80+).