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Liberalisation, Privatisation And Globalisation — Economics STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEconomicsLiberalisation, Privatisation And Globalisation3 Marks
Question
What were the main reforms in the foreign trade sector?
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Answer

Main reforms in the foreign trade sector were:
  1. Dismantling of quantitative restrictions on imports and exports.
  2. Reduction of tariff rates.
  3. Removal of licensing procedures for imports.
Foreign exchange regulations were liberalised, foreign investment was encouraged, import regulations were simplified.

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