Question

The Trade Policy Reforms are aimed at which of the following:
A. Dismantling quantitative restrictions on import and exports
B. Reduction of tariff rates
C. Removal of licensing procedures for imports

• A. A and B only
• B. B and C only
• C. A and C only
• D. A, B and C

Hint:

Trade policy reforms in India were aimed at enhancing global trade by removing barriers like tariffs, licenses, and import restrictions.

Answer 1

The Correct Option is D

The Trade Policy Reforms initiated by India in the 1990s focused on several aspects aimed at liberalizing and modernizing the economy:
- Dismantling quantitative restrictions on imports and exports to promote free trade.
- Reduction of tariff rates to encourage international trade and reduce the protectionist measures.
- Removal of licensing procedures for imports to facilitate easier access to global markets. Thus, the correct answer is (D) A, B and C.