Join 60,000+ competitive exam aspirants
or with email
Your Cart
SubtotalтВ╣0
TotalтВ╣0
Examoogle тАв User тАв info@examoogle.com тАв EE-2024-8821
Chapter 1 of 12 тАв Page 1 of 248ЁЯФТ Protected PDF тАв Watermarked
Join 60,000+ competitive exam aspirants
India completed the removal of Quantitative Restrictions (QRs) on imports as a major step in trade liberalization in which year?
1991
1995
2001
2005
2001
India officially phased out all Quantitative Restrictions (QRs) on imports on April 1, 2001, fulfilling its commitments to the World Trade Organization (WTO). This shift moved India from a regime of non-tariff barriers to a tariff-based protection system, marking a definitive phase in the 1991 economic liberalization process.
India officially phased out all Quantitative Restrictions (QRs) on imports on April 1, 2001, fulfilling its commitments to the World Trade Organization (WTO). This shift moved India from a regime of non-tariff barriers to a tariff-based protection system, marking a definitive phase in the 1991 economic liberalization process.
The establishment of the World Trade Organization (WTO) on January 1, 1995, replaced the General Agreement on Tariffs and Trade (GATT), which serves as the global regulatory framework governing these trade liberalization policies.
Quantitative Restrictions are administrative limits on the quantity of a good that can be imported into a country.
The removal was necessitated by the Balance of Payments (BoP) commitments made by India under the GATT/WTO agreements.
The process was phased, beginning in 1996, with the final removal of 715 items in 2001 covering various industrial and agricultural products.
The removal of QRs meant that import control was shifted from volume restrictions to customs duties, allowing the market to determine import levels based on price competitiveness.
Option A (1991) refers to the initiation of the New Economic Policy (NEP), involving LPG (Liberalization, Privatization, Globalization) reforms, but not the final QR removal.
Option B (1995) marks India's entry as a founding member of the WTO, setting the stage for future trade agreements rather than the completion of QR removal.
Option D (2005) is associated with the expiration of the Multi-Fibre Arrangement (MFA) and the phasing out of textile quotas globally.
C is correct тАФ India completed the removal of all Quantitative Restrictions on imports on April 1, 2001, in accordance with WTO mandates.
When studying 1991 LPG reforms, always distinguish between the 'Initial Reform Phase' (1991-1992) and 'WTO Compliance Phase' (1995-2001) as UPSC and SSC frequently frame questions around this timeline difference.
Get instant step-by-step AI explanations, full shift Previous Year Papers (SSC GD, RRB, SSC JE), and regional rank analysis on the official Examoogle App.
Free Download тАв 100K+ Aspirants