Arrange the following in chronological order, starting from the oldest.
A. Introduction of New Economic policy
B. Formation of World Trade Organisation
C. Establishment of General Agreement on Trade and Tariff
D. Removal of quantitative restrictions on imports of manufactured consumer goods and agricultural products
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → C, A, B, D
After the Second World War the trading nations agreed on common rules for world trade, and decades later India opened its own economy to that system. The four events follow this story: a global trade body is set up, India begins its reforms in 1991, the global body gives way to a stronger successor, and India removes the last of its import restrictions.
C. Establishment of General Agreement on Trade and Tariff — 1948. GATT was set up with 23 countries as the global trade organisation to administer multilateral trade agreements.
A. Introduction of New Economic policy — 1991. Faced with an external debt crisis, India announced the New Economic Policy of liberalisation, privatisation and globalisation.
B. Formation of World Trade Organisation — 1995. The WTO was founded as the successor organisation to GATT.
D. Removal of quantitative restrictions on imports of manufactured consumer goods and agricultural products — April 2001. This was part of the trade policy reforms that followed the NEP, and the restrictions were fully removed only in 2001.
Note: A similar question was also asked in CUET (UG) 2026 on 07-06-2026 (Slot 2).
NCERT (2025-26): “3.5 Globalisation … 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.… …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. Import licensing was abolished except in case of hazardous and environmentally sensitive industries. Quantitative restrictions on imports of manufactured consumer goods and agricultural products were also fully removed from April 2001. Export duties have been removed to increase the competitive position of Indian goods in the international markets.” |