Arrange the following in chronological order (oldest to latest)
(A) WTO
(B) GATT
(C) LPG Policy in India
(D) GST in India
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → (B), (C), (A), (D)
The four items trace the growth of rule-based world trade and India’s opening to it; each is placed by its year.
(B) GATT — 1948. GATT was established in 1948 with 23 countries as the global trade organisation, to administer the multilateral trade agreements.
(C) LPG Policy in India — 1991. India adopted the New Economic Policy of liberalisation, privatisation and globalisation in 1991, after the foreign exchange crisis of that year.
(A) 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.
(D) GST in India — 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: A similar question was also asked in CUET (UG) 2026 on 13-05-2026 (Slot 1), 20-05-2026 (Slot 1) and 21-05-2026 (Slot 1).
NCERT (2025-26): “World Trade Organisation (WTO): The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). GATT was established in 1948 with 23 countries as the global trade organisation to administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes.… …In the year 2016, Indian constitution was amended to empower state governments and union Government to come out with laws to impose Goods and Services Tax. This has led to introduction of GST in India. This is expected to generate additional revenue for the government, reduce tax evasion and create ‘one nation, one tax and one market’.…” |