The policy of liberalization, privatization and globalization was announced as New Economics Policy by Prime Minister

The correct answer is C) Narasimha Rao. The New Economic Policy of 1991 was announced by P.V. Narasimha Rao, with Dr Manmohan Singh as Finance Minister. The immediate trigger was a balance of payments crisis: forex reserves had fallen to barely enough for about three weeks of imports, so India pledged gold and took an IMF loan.

The policy rested on three pillars:

• Liberalisation: dismantling the licence-permit raj, delinking most industries from licensing and easing MRTP restrictions.
• Privatisation: opening sectors to private players and disinvesting public sector units.
• Globalisation: lowering tariffs, welcoming foreign investment and trade, and devaluing the rupee in July 1991.

Why the others fail: Rajiv Gandhi (PM 1984-89) relaxed some industrial controls and pushed technology, but did not announce an economic policy of this scope. V.P. Singh's government (1989-90) was a short minority tenure focused on social justice issues. Atal Bihari Vajpayee's government deepened reforms from 1998 onwards, but it did not originate them.

Mains angle: GS-3 growth and inclusiveness, and the continuing debate on the state's role in the economy after 1991.

Trap: Many candidates credit Rajiv Gandhi because reforms were visible in the 1980s, or pick Manmohan Singh because he is the face of 1991.