Political Science · Political Processes in India
A main change introduced in fiscal and trade policy under the reforms was that:
AQuantitative restrictions on imports and exports were reduced ✓ Correct
BAll foreign trade was banned
CThe economy was fully closed
DAll prices were fixed by the state
Correct answer: (A) Quantitative restrictions on imports and exports were reduced — A key change was reducing quantitative restrictions on imports and exports, so that is the answer.
Explanation
★A key change was reducing quantitative restrictions on imports and exports, so that is the answer.
★The old controls on trade were eased.
★Licensing of imports was cut back.
★The economy was opened to wider trade.
★This was part of liberalising external policy.
★So the reduction of quantitative restrictions is the answer.
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