What did the "Trade policy reforms" of New Economic Policy, 1991 aim at?
Answer & explanation
Correct answer: option 4
the correct answer is Option 3: All of the above
The trade policy reforms aimed at
(i) dismantling of quantitative restrictions on imports and exports
(ii) reduction of tariff rates and
(iii) removal of licensing procedures for imports.
Initial trade policies including quantitative restrictions reduced efficiency and competitiveness which led to slow growth of the manufacturing sector.