Which industrial policy marked the beginning of liberalisation in the Indian industry, reducing the restrictions on private companies?

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- Step 1: Background — India's economy before 1991 operated under a tightly regulated "license-permit raj" established by earlier policies (notably the 1956 resolution), which imposed strong restrictions on private and foreign participation.

- Step 2: What 1991 did — The New Industrial Policy of 1991 (announced under PM P.V. Narasimha Rao and FM Dr. Manmohan Singh) abolished industrial licensing for most industries, reduced the list of industries reserved for the public sector, and opened the economy to private and foreign investment.

- Step 3: Conclusion — Because it removed licensing controls and de-reserved many sectors, the 1991 policy marked the clear beginning of liberalisation in Indian industry by reducing restrictions on private companies. Earlier policies (1956, 1977, 1980) did not introduce comparable economy-wide liberalisation.

FINAL_ANSWER: a

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