Concept:Arranging jumbled sentences requires identifying cause-effect links and chronological order.
Explanation:First, sentence P describes the problem: a balance of payment crisis in the early 1990s due to low growth.
Then, sentence S states the response: the landmark 1991 budget that delicenced industries and liberalised policies.
Next, sentence Q lists the specific reforms: ease of business, removal of import licences and quotas.
Finally, sentence R adds the IMF loan taken during the crisis and notes no further loans after 1993.
This order (P → S → Q → R) creates a logical flow from crisis to response to results.
Answer:The correct sequence is PSQR, which corresponds to option D.