In India, in which year was the new Liberalized Industrial Policy first announced at the national level?

Introduction / Context:
The early 1990s marked a turning point in India economic history. Faced with a balance of payments crisis, the government introduced a series of reforms that moved India away from a highly regulated regime towards a more open, market oriented system. The Liberalized Industrial Policy formed a key part of this reform package and is often treated as the symbolic beginning of the liberalisation era. This question asks you to recall the year in which that policy was first announced.

Given Data / Assumptions:

• The question concerns the first announcement of a Liberalized Industrial Policy for India. • Options are 1991, 1992, 1986, and 1993. • We assume familiarity with the broad timeline of Indian economic reforms.

Concept / Approach:
To answer, recall that the watershed year for Indian economic liberalisation is 1991. That is when the government unveiled a new industrial policy, reduced licensing, opened sectors to private and foreign investment, and devalued the currency as part of an International Monetary Fund supported package. Earlier years like 1986 saw some reforms but not the large scale Liberalized Industrial Policy referred to in most exam questions. Later years such as 1992 and 1993 mostly involved follow up measures rather than the first announcement. Matching these facts to the options quickly points to 1991 as the correct answer.

Step-by-Step Solution:
Step 1: Recognise that the phrase Liberalized Industrial Policy is linked with the broader economic reform wave in India. Step 2: Recall that this reform wave is associated with the year 1991, when a new central government faced a severe economic crisis. Step 3: Remember that in July 1991, the government announced a new industrial policy that dismantled many elements of the licence permit system and encouraged private investment. Step 4: Compare this with 1986, when there were only limited technological and industrial policy changes, not the comprehensive liberalisation. Step 5: Note that 1992 and 1993 fall after the initial announcement and represent follow up adjustments rather than the first introduction. Step 6: Conclude that 1991 is the year in which the Liberalized Industrial Policy was first announced.

Verification / Alternative check:
One way to verify is to associate key reforms with a simple mnemonic. For example, remember 1991 as the year of devaluation, new industrial policy, trade policy reforms, and the beginning of structural adjustment. When you see any phrase like new economic policy or Liberalized Industrial Policy, mentally link it to this core year. Revisiting standard macroeconomics or polity textbooks confirms that 1991 is repeatedly highlighted as the turning point, while 1992, 1993, and 1986 do not carry the same label in common exam usage.

Why Other Options Are Wrong:
1992: A follow up year after reforms began, but not the date of the first Liberalized Industrial Policy announcement. 1986: Pre reform period where some modernisation occurred but the comprehensive liberalisation had not yet started. 1993: Also part of the reform decade but not the starting year of the policy in question.

Common Pitfalls:
Some candidates confuse the mid 1980s technology policy changes with full scale liberalisation, or think that the policy must have been formally implemented later than it was announced, leading them to choose 1992 or 1993. Another pitfall is treating every reform related date as 1991 without carefully reading the exact question. In this case, however, the policy name clearly matches the 1991 industrial reforms. A good practice is to maintain a small list of landmark economic years, such as 1969 for bank nationalisation and 1991 for liberalisation, to answer such questions confidently.

Final Answer:
The new Liberalized Industrial Policy in India was first announced in the year 1991.