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
Answer (1)
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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