Question : Which reform aimed to encourage foreign trade and reduce import restrictions in the 1991 economic policy?
Option 1: Import substitution
Option 2: Export promotion
Option 3: Bilateral trade agreements
Option 4: Trade liberalization
Correct Answer: Trade liberalization
Solution : The correct answer is (d) Trade liberalization.
The 1991 economic policy implemented various measures to liberalize trade and reduce import restrictions. This included simplifying import procedures, reducing import tariffs, dismantling quantitative restrictions, and promoting exports. The focus was on opening up the Indian economy to global trade, promoting competitiveness, and integrating with the global markets.
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:
Option 3: Central planning
Option 4: Trade restrictions
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 : Which policy aimed at reducing India's dependence on imports and promoting self-reliance?
Option 1: Import Substitution Policy
Option 2: Export Promotion Policy
Option 3: Liberalization Policy
Option 4: Privatization Policy
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
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