Question

In the pre-reforms period (i.e. before 1991), restrictions on import consisted of:

• A. Import licenses
• B. Quantitative restrictions
• C. Quota system
• D. All of the above

Answer 1

Answer: (D)

All of the above

India had adopted socialist form of economy before 1991 which involved a lot of government intervention into International trade where import was banned on most of the goods through quota and licenses so that the foreign goods does not dominate domestic market.