As a result of the foreign trade reforms ________.

EPCG scheme has been abolished.
the number of import licenses has increased.
the average tariff rates have been reduced.
only a few types of goods and services can now be exchanged freely.

Question

As a result of the foreign trade reforms ________.

EPCG scheme has been abolished.
the number of import licenses has increased.
the average tariff rates have been reduced.
only a few types of goods and services can now be exchanged freely.

Toppr Admin · Accepted Answer

-Prior to the-1991 economic liberalisation-India was a closed economy due to the average-tariffs exceeding 200 percent and the extensive quantitative restrictions on-imports- Foreign investment was strictly restricted to only allow Indian-ownership of businesses- Since the liberalisation- India-apos-s economy has improved-mainly due to increased foreign trade-

As a result of the foreign trade reforms ________.EPCG scheme has been abolished.the number of import licenses has increased.the average tariff rates have been reduced.only a few types of goods and services can now be exchanged freely.

As a result of the foreign trade reforms ________.

EPCG scheme has been abolished.
the number of import licenses has increased.
the average tariff rates have been reduced.
only a few types of goods and services can now be exchanged freely.