Economics · Trade Policy Reforms
Consider the following statements regarding trade policy reforms post-1991: Statement I: Quantitative restrictions on the import of almost all consumer goods were phased out and eventually abolished to encourage competition. Statement II: The peak customs duty, which was as high as 200% in 1991, has been systematically reduced over the years. Statement III: To protect domestic industry, the government introduced a mandatory 'Import License' for every single item brought into India from 2020 onwards. Which of the options correctly identifies the valid statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only II and III
- 3Only I and II✓
- 4Only I
Correct answer
Only I and II
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