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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


Team Careers360 21st Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

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.

 

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