Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:

Which of the following statement (s) is/are correct?

Statement 1: A developing country like India still does not have the access to developed countries’ markets because of high tariff barriers.

Statement 2: Although all quota restrictions on exports of textiles and clothing have been removed in India, USA has not removed their quota restriction on import of textiles from India and China.

Options:

Only Statement 1 is correct.

Only Statement 2 is correct.

Both statements are correct.

None of the given statement is correct.

Correct Answer:

Only Statement 2 is correct.

Explanation:

A developing country like India still does not have the access to developed countries’ markets because of high non-tariff barriers. For example, although all quota restrictions on exports of textiles and clothing have been removed in India, USA has not removed their quota restriction on import of textiles from India and China.