• Start of Globalization in the Indian Economy:
• India initiated comprehensive economic globalization in 1991 with the launch of the New Economic Policy (NEP), unveiled by Prime Minister P.V. Narasimha Rao and Union Finance Minister Dr. Manmohan Singh in July 1991.
• Sparked by the 1991 balance-of-payments crisis, the reforms dismantled the restrictive License-Permit-Quota Raj, dismantled quantitative import restrictions, reduced peak customs tariffs, opened sectors to Foreign Direct Investment (FDI), and pegged the rupee to market-determined exchange rates (LPG paradigm).
• Distractors: Years 1981, 1985, and 1995 represent unrelated milestones (1985 saw modest industrial de-licensing; 1995 marked India joining the WTO as a founding member).

Correct option: (3) 1991

• Chronological Milestones in Indian Agricultural Policy:
• Grow More Food Campaign $\rightarrow$ 1942: Launched by the British Indian Government during World War II (and intensified post-Bengal Famine 1943, and re-launched in 1947-48) to boost food production through seed distribution and minor irrigation.
• Minimum Support Price (MSP) $\rightarrow$ 1966-67: Introduced during the onset of the Green Revolution based on the recommendations of the Agricultural Prices Commission (APC, established in January 1965, later renamed CACP) to ensure price security for wheat and paddy growers.
• Regional Rural Banks (RRB) Act $\rightarrow$ 1976: Enacted by Parliament following the Narasimham Working Group recommendations (preceded by the RRB Ordinance of September 26, 1975; first RRB Prathama Bank founded October 2, 1975).
• NABARD Act $\rightarrow$ 1981: The National Bank for Agriculture and Rural Development Act was passed in 1981 (based on the B. Sivaraman Committee recommendations), and NABARD was formally dedicated to the nation on July 12, 1982.
• Correct Chronological Sequence: (A) 1942 $\rightarrow$ (B) 1966-67 $\rightarrow$ (D) 1976 $\rightarrow$ (C) 1981, corresponding to Option 2.

Correct option: (2) (A), (B), (D), (C)

• Continuous Inventory System (Fixed-Order-Quantity System):
• In a Continuous Inventory System (or perpetual inventory system, $Q$-system), the inventory level is tracked on an ongoing real-time basis after every transaction.
• Whenever the physical inventory drops to a predetermined Reorder Point ($ROP$), a fixed order quantity (typically the Economic Order Quantity - EOQ) is automatically placed.
• Distractors:
• Periodic Inventory System ($P$-system): Reviews inventory at fixed regular calendar intervals (e.g., weekly or monthly) and places orders of varying size to restore stock to a target level.

Correct option: (3) Continuous Inventory System