Q1. In which year did India completely eliminate Quantitative Restrictions (QRs) on imports as part of trade liberalization?
- (a) 2005
- (b) 2001
- (c) 1998
- (d) 1996
Answer & solution
Answer: (b) 2001
This was a major step in trade liberalization to promote freer trade.
2001 marks the year when restrictions on import quantities were fully removed.
Hence, India moved towards a more open economy from this year onward.