What was the immediate crisis India faced in the beginning of the 1990s?

1. Inflation.
2. Debt trap.
3. Foreign exchange crisis.
4. All of the above.

As a part of globalisation process, tariff rates were _____________ in India.

1. Raised.
2. Lowered.
3. Not changed.
4. Abolished.

Industries now reserved for the public sector are:

1. Defence equipment.
2. Atomic energy generation.
3. Railway transport.
4. All of the above.

GATT stands for:

1. General Agreement on trade and tariff.
2. Governments Association for trade and tariff.
3. General Agreement on terms of trade.
4. Government Agreement on terms of trade.

How many countries are members of WTO at present?

1. 190
2. 156
3. 153
4. 180

When was WTO established?

1. 1991
2. 1981
3. 1995
4. 2000

Devaluation of a currency means:

1. Fixing the value of currency in multilateral consultation with the IMF, the World Bank and major trading partners
2. Permitting the currency to seek its worth in the international market.
3. Fixing the value of the currency in conjunction with the movement in the value of a basket of pre-determined currencies.
4. Reduction in the value of domestic currency in relation to other currencies in the world

Which of the following organisations settles the disputes among the member countries?

1. IME
2. World Bank
3. WTO
4. None of the above.

Name the Finance Minister who took a decision to introduce reforms in India.

1. P. Chiambaram.
2. Narsimha Rao.
3. Dr. Manmohan Singh.
4. Arun Jetli.