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Correct Answer: Option (B) — BothA and Raretrue but R is not a correct explanation ofA
Concept & Option Breakdown
Standard Reference VerifiedAssertion (A) is true: Following the economic reforms of 1991, India's export growth accelerated significantly due to tariff reductions, abolition of industrial licensing, and integration with the global economy.
Reason (R) is true: The Government devalued the rupee in two steps in July 1991 by nearly 20% to correct currency overvaluation.
However, Reason (R) is not the complete or sole explanation of Assertion (A), as sustained long-term export expansion was driven by comprehensive structural and trade policy reforms, not merely one-off devaluation.
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