Financial Awareness - Risk, Stability & Emerging Finance
Which of the following was a significant change in India's trade policy under the 1991 Economic Reforms?
Which of the following was a significant change in India's trade policy under the 1991 Economic Reforms?
easy Q2 of 15
Step-by-Step Solution
Step 1: Understand trade policy changes in 1991 reforms
The reforms aimed at liberalizing trade by removing restrictions and encouraging competition.Step 2: Analyze options
Removal of quantitative restrictions aligns with liberalization; increasing tariffs and banning FDI contradict reforms; nationalization was not part of reforms.Final Answer:
Removal of quantitative restrictions on imports → Option AQuick Check:
Trade policy change = Removal of import restrictions ✅
Quick Trick: Remember liberalization means removing import restrictions.
Common Mistakes:
- Assuming tariffs were increased or FDI was banned.
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