Consider the following statements with respect to economic Liberalization in India 1 ...........

Economic Affairs Planning in India

Consider the following statements with respect to economic Liberalization in India

1. India allowed imports of only essential items such as machinery, fertilisers, petroleum etc in 1950’s and 1960’s.

2. Government has removed all restrictions on businesses with respect to what they wish to import or export after 1991 LPG reforms.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

After the 1991 LPG reforms the Restrictions on exports and imports have been reduced to minimum according to new policy. Export and import restrictions have been imposed on a few sensitive commodities taking the domestic demand and supply factors into consideration. Thus Government has not removed all restrictions after LPG reforms. Hence statement 2 is wrong.