Which of the following were part of the new economic reforms aimed at trade liberalisation, through which India moved towards globalisation?
(A) Export promotion through rationalisation of the tariff structure
(B) Reforms with respect to foreign exchange
(C) Import liberalisation
(D) Planned disinvestments of the public sector
(E) Abolishing licensing requirement in most of the industries
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → (A), (B) and (C) only
(A) Export promotion through rationalisation of the tariff structure — Correct. Trade reforms aimed at export promotion through rationalisation of the tariff structure.
(B) Reforms with respect to foreign exchange — Correct. Reforms with respect to foreign exchange were made, so that the country does not remain isolated from the rest of the world.
(C) Import liberalisation — Correct. Before 1991, imports were strictly controlled through licensing, tariffs and limits on quantity. Import liberalisation eased these controls.
(D) Planned disinvestments of the public sector — Incorrect. Planned disinvestment is a step of privatisation. It moves public sector enterprises to the private sector.
(E) Abolishing licensing requirement in most of the industries — Incorrect. Abolishing licensing in most industries is a step of liberalisation. It frees industry at home from controls.
NCERT (2026-27 Edition):
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