Read the following statements about Trade Policy Reforms post-1991 in India: Statement I: Trade policy reform involved removing quantitative restrictions on imports and exports. Statement II: Trade policy reform increased import licensing to support domestic manufacturers. Which of the options below is correct?

Question

Economics · Economic Reforms

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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Correct answer

Only Statement I is correct

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Answer 1

Both statements I and II are incorrect

Answer 2

Both statements I and II are correct

Answer 3

Only Statement II is correct

Answer 4

Only Statement I is correct

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