Explanation:

In the 1991 economic reforms, India made several changes to industrial licensing:

- Liquor: Industrial licensing was maintained for the production of alcoholic beverages to regulate its distribution and consumption.

- Health, Security, and Environment: Industries impacting health, critical security, and the environment required special attention and licensing to ensure public safety and environmental sustainability.

- Defence Equipment: The production of defence-related items was kept under licensing due to its critical nature for national security.

So, the Exception list was indeed inclusive of all the above categories.

Correct Answer: Option 4 - All of the above