Who was the Chairman of the 'Committee to Review Policy for Public Enterprises', set up by the Government of India in 1984?

The correct option is Arjun Sengupta.

In 1984, the Government of India constituted a high-level committee known as the "Committee to Review Policy for Public Enterprises" (often referred to as the Sengupta Committee) to examine the functioning of Public Sector Undertakings (PSUs) and suggest policy reforms.
The committee was headed by the eminent economist Dr. Arjun Sengupta, who served as its Chairman.

The committee submitted its report in December 1984, recommending key reforms to improve the autonomy, accountability, and performance of public enterprises. These recommendations laid the early groundwork for the subsequent restructuring of Indian PSUs, including the introduction of the Memorandum of Understanding (MoU) system to improve performance evaluation and grant greater operational freedom to public sector managements.