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In which year did India completely eliminate Quantitative Restrictions (QRs) on imports as part of trade liberalization?
1996
2005
1998
2001
2001
India completed the removal of Quantitative Restrictions (QRs) on all imports on April 1, 2001, to comply with its WTO obligations. This move marked the final step in the transition from a protected trade regime to an open market, following the 1991 Liberalization, Privatization, and Globalization (LPG) reforms.
India completed the removal of Quantitative Restrictions (QRs) on all imports on April 1, 2001, to comply with its WTO obligations. This move marked the final step in the transition from a protected trade regime to an open market, following the 1991 Liberalization, Privatization, and Globalization (LPG) reforms.
This trade policy shift is part of the WTO Agreement on Agriculture and the General Agreement on Tariffs and Trade (GATT), which India signed as a founding member in 1995.
QRs included import quotas, licenses, and canalized imports that were replaced by customs tariffs.
The removal was phased out starting from the mid-90s, with a major push led by the Exim Policy 2000-01.
The elimination of QRs was aimed at boosting competition and integrating the Indian economy with global markets.
The removal of QRs meant that goods could be imported freely provided the relevant customs duties were paid.
This policy shift was necessary to address balance of payment crises and meet international trade commitments.
Options A, B, and C are incorrect as they represent years before or after the actual final legal deadline set by the WTO ruling for India.
D is correct тАФ India fully removed Quantitative Restrictions on imports on April 1, 2001, concluding the liberalization phase initiated after 1991.
Connect this to the 1991 LPG reforms; exams often ask how the New Economic Policy impacted the transition from the 'License Raj' to a market-based economy.
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