Which is true for existing Economic and Industrial Policies of Indian Govt 1 FERA was...........

Economic Affairs Industrial Policy and Industrial Growth

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Which is true for existing Economic and Industrial Policies of Indian Govt.?

1) FERA was abolished

2) MRTP was abolished

3) Cash compensatory support for exports was abolished

4) Industrial licensing need (except a few goods) was abolished

1, 2, 3 and 4

1, 3 and 4

Only 3 and 4

only 2 and 3

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Explanation:

1st and 4th statements are incorrect regarding existing Economic and Industrial Policies of Indian Government.

In the budget of 1997-98, the government had proposed to replace FERA-1973, by FEMA (Foreign Exchange management act). FEMA was proposed by the both house of the parliament in Dec. 1999. After the approval of president, FEMA 1999 has come into force w.e.f. June, 2000. Under the FEMA, provisions related to foreign exchange have been modified and liberalized so as to simplify foreign trade. Government hopes that the FEMA will make favourable development in the foreign money market.