Question : The 1991 economic policy aimed to promote:
Option 1: Import substitution
Option 2: Export promotion
Option 3: Central planning
Option 4: Trade restrictions
Correct Answer: Export promotion
Solution : The correct answer is (b) Export promotion
The 1991 economic policy in India, also known as the New Economic Policy (NEP) or economic liberalization, aimed to shift the country's economic focus from import substitution to export promotion. Import substitution refers to the strategy of producing goods domestically to replace imports, while export promotion focuses on increasing exports to boost economic growth and development.
The NEP sought to change this by encouraging export-oriented growth and promoting international trade. It involved removing trade barriers, reducing tariffs and import restrictions, and providing incentives and support to industries to enhance their export capabilities. The policy changes aimed to increase foreign exchange earnings, attract foreign investment, and improve India's competitiveness in the global market.
Question : Which reform aimed to encourage foreign trade and reduce import restrictions in the 1991 economic policy?
Option 3: Bilateral trade agreements
Option 4: Trade liberalization
Question : The foreign trade policy of India during 1951-1991 primarily aimed at promoting which of the following?
Option 3: Protectionism
Option 4: Bilateral trade agreements
Question : The 1991 economic policy aimed to promote foreign trade through the establishment of:
Option 1: Special Economic Zones (SEZs)
Option 2: Export Processing Zones (EPZs)
Option 3: Free Trade Agreements (FTAs)
Option 4: Trade unions
Question : The 1991 economic policy aimed to promote industrial growth and competitiveness through:
Option 1: Protectionist trade policies
Option 2: State control over industries
Option 3: Technological upgradation and modernization
Option 4: Export restrictions
Question : Which policy aimed to replace import-oriented development with export-oriented growth in India?
Option 1: Swadeshi movement
Option 2: Import substitution
Option 3: Export promotion
Option 4: Public-private partnership
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile