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Flashcards on India's Trade Policies: Historical Overview
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Which era is marked as the beginning of structured trade policies in India?
British Colonial period
What was India's main economic activity during early post-independence years?
Agriculture
Which plan laid the foundation for India's trade policies post-independence?
Five-Year Plans
What was a key characteristic of India's trade policy in the 1950s and 60s?
Protectionism
What led to economic liberalization in India in 1991?
Balance of payments crisis
What does 'LPG' stand for in the context of India's economic reforms?
Liberalization, Privatization, Globalization
Who was the Finance Minister of India during the major reforms of 1991?
Dr. Manmohan Singh
Which organization did India join in 1995 to shape its trade policy?
World Trade Organization (WTO)
What effect did the New Economic Policy of 1991 have on foreign investment?
Increased foreign investment
Which policy is used by countries to protect domestic industries from foreign competition?
Import Substitution Industrialization (ISI)
What was the main goal of the 'Look East' policy adopted in the early 1990s?
Strengthening relations with Southeast Asia
Who is considered the architect of India's liberal economic reforms?
P.V. Narasimha Rao
What did the 'Green Revolution' in the 1960s focus on?
Agricultural productivity
By what mechanism did India regulate foreign trade post-independence?
Licenses and tariffs
What is the term for the policy of extending a country's power through trade?
Mercantilism
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Test Your Knowledge
Which Prime Minister initiated major economic reforms in India in 1991?
Indira Gandhi
Rajiv Gandhi
P.V. Narasimha Rao
Atal Bihari Vajpayee
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What event in the early 90s pushed India towards economic liberalization?
Industrial revolution
Balance of payments crisis
National emergency
Nuclear tests
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Which policy was adopted by India to increase its exports in the 1970s and 80s?
Export Promotion
Import Liberalization
Wholesale Nationalization
Closed Economy
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What was a key feature of India's foreign trade policy before the 1991 reforms?
Free Trade
Import Substitution
Outward Orientation
Export Diversification
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Which international body influences India's trade policy today?
UNESCO
UNICEF
World Trade Organization
World Bank
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Who was the Finance Minister who played a crucial role in the economic reforms of 1991?
Dr. Manmohan Singh
Yashwant Sinha
Arun Jaitley
Pranab Mukherjee
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The 'LPG' model in India's economic reform refers to what?
Liquidity, Profitability, Governance
Leadership, Performance, Growth
Liberalization, Privatization, Globalization
Labor, Policy, Governance
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Which policy did India implement to improve ties with its eastern neighbors?
Look East Policy
Act West Policy
Go South Policy
Reach Out Policy
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What key change was brought about by the New Economic Policy in 1991?
Reduction in import tariffs
Increase in agricultural subsidies
Ban on foreign equity
Nationalization of major industries
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India's economic reforms in the 1990s led to which of these effects?
Higher agricultural tariffs
Weakening of IT sector
Growth of service industry
Decrease in urbanization
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