Indian Economic Development

Economic Reforms (1991)

Medium

Identify the correct order of the events in which they occurred in India.

(A) Removal of quantitative restrictions on import of manufactured goods.

(B) Indian parliament passed a law, Goods and Services Act.

(C) Establishment of GATT

(D) WTO founded as successor organisation to GATT.

Choose the correct answer from the options given below :

(C), (A), (D), (B)

(B), (A), (D), (C)

(A), (C), (D), (B)

(C), (D), (A), (B)

✅ Correct Option: 4

GATT was established in 1948, WTO was founded in 1995 as successor to GATT, quantitative restrictions on imports were removed in 2001, and the Goods and Services Tax Act was passed in 2017. Hence the correct order is (C), (D), (A), (B).

Note: NTA has marked this question as DROP in the final answer key. Based on the chronology of events, option 4 appears to be the intended answer.

2026: 21 May Shift 2

Which constitutional amendment was passed for Goods and services tax?

2026: 21 May Shift 1

Privatisation of the public sector enterprises (PSEs) by selling off part of the equity of PSE's to the public is known as ..................

2025: 3 June Shift 1

Chronologically, arrange the following events:

(A) Announcement of demonetisation.

(B) Circulation of fake currency.

(D) Visible reduction in tax evasion.

Choose the correct answer from the options given below:

2022: 19 July Shift 2

Match List - I with List - II.

List - I (Economic Policy)	List - II (Objective)
(A) Outsourcing	(I) Integration of the economy of the country with the world economy
(B) Liberalisation	(II) Company having regular services from external sources
(C) Globalisation	(III) Shedding of ownership/management of a government owned enterprise
(D) Privatisation	(IV) Put an end to restrictions that regulate economic activities

Choose the correct answer from the options given below :

2023: 29 May Shift 2

Match List I with List II

	LIST I		LIST II
A.	Reduction in value of currency	I.	Disinvestment
B.	Dilution of share in organisation	II.	Inflation
C.	Restriction on trade by taxes	III.	Devaluation
D.	Rise in General price level	IV.	Tarrif Barriers

Choose the correct answer from the options given below:

2026: 21 May Shift 2

What were the major problems that the Indian economy was facing before the introduction of new reform policy?

A. Declining foreign exchange.

B. Growing imports without matching rise in exports.

C. Government revenue exceeds expenditure.

D. Rising prices of essential goods.

Choose the correct answer from the options given below:

Solution

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