Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

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

Question:

What is one criticism of India's membership in the WTO?

Options:

Limited volume of international trade among developed nations

Lack of fair global rules and regulations

Excessive agricultural subsidies in developing countries

Unequal market access for developed and developing countries

Correct Answer:

Unequal market access for developed and developing countries

Explanation:

Some scholars question the usefulness of India being a member of the WTO as a major volume of international trade occurs among the developed nations. They also say that while developed countries file complaints over agricultural subsidies given in their countries, developing countries feel cheated as they are forced to open their markets for developed countries but are not allowed access to the markets of developed countries