Arrange the following in chronological order (oldest to latest):(A) W…

The correct answer is Option (3) → (C), (D), (A), (B)

The four items trace the growth of rule-based world trade and India’s opening to it; each is placed by its year.

(C) General Agreement on Tariff & Trade (GATT) — 1948. GATT was established in 1948 with 23 countries as the global trade organisation, to administer the multilateral trade agreements.

(D) Adaptation of LPG policy by India. — 1991. India adopted the New Economic Policy of liberalisation, privatisation and globalisation in 1991, after the foreign exchange crisis of that year.

(A) World Trade Organisation (WTO) — 1995. The WTO was founded in 1995 as the successor organisation to GATT, to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.

(B) Goods & Services Tax in India (GST). — 2017. The Constitution was amended in 2016 to allow laws imposing the Goods and Services Tax, and GST was introduced from 1 July 2017, to create ‘one nation, one tax and one market’.

Note 1: Item (D) reads ‘Adaptation’, and the word that fits is ‘Adoption’. The two are easily confused:

• Adaptation means adjusting or changing oneself, or a thing, to suit new conditions, as plants adapt to a dry climate.

• Adoption means taking up or accepting something, such as a policy, a method or a child, and making it one’s own.

What India did in 1991 was the adoption of the LPG policy: the government took up the new policy and put it into effect.

Note 2: A same/similar question was asked in CUET (UG) in the papers below.

* A similar question.