Question : Statement 1: Trade reforms in the 1991 economic policy aimed to reduce trade barriers.
Statement 2: The introduction of export subsidies was a key feature of trade reforms.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Statement 1 is true, and statement 2 is false.
Solution : The correct answer is (c) Statement 1 is true, and statement 2 is false.
Statement 1 is true: Trade reforms in the 1991 economic policy in India aimed to reduce trade barriers. These reforms were introduced to liberalize the Indian economy and promote international trade by reducing tariffs, import licensing requirements, and other trade restrictions.
Statement 2 is false: The introduction of export subsidies was not a key feature of trade reforms in the 1991 economic policy. In fact, one of the main objectives of the trade reforms was to move away from export subsidies and focus on creating a more competitive and open trade environment.
Question : Statement 1: Trade reforms in the 1991 economic policy aimed to reduce import tariffs.Statement 2: The introduction of export subsidies was a key feature of trade reforms.
Question : Statement 1: Trade reforms aimed to remove trade barriers and promote free trade.
Statement 2: Import substitution was the main objective of trade reforms in the 1991 economic policy.
Question : Statement 1: Trade reforms aimed to reduce import tariffs and promote exports.
Question : Statement 1: The 1991 economic policy aimed to reduce government intervention in the economy.
Statement 2: The economic reforms of 1991 were primarily driven by socialist ideology.
Question : Statement 1: The 1991 economic policy in India aimed to address high inflation and fiscal deficit.
Statement 2: The economic reforms of 1991 were initiated under the leadership of Indira Gandhi.
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