Consider the following statements.1. Removing barriers or restrictions set by the government is what is known as liberalisation.2. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.3. The government imposes much less restrictions than before and is therefore said to be more liberalWhich of the statements/statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?

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Consider the following statements.

1. Removing barriers or restrictions set by the government is what is known as liberalisation.

2. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.

3. The government imposes much less restrictions than before and is therefore said to be more liberal

Which of the statements/statements is/are correct?

a)
1 and 2 Only
b)
2 and 3 Only
c)
1 and 3 Only
d)
All of them

Correct answer is option 'D'. Can you explain this answer?

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Consider the following statements.1. Removing barriers or restriction...

Starting around 1991, some far- reaching changes in policy were made in India. The government decided that the time had come for Indian producers to compete with producers around the globe. It felt that competition would improve the performance of producers within the country since they would have to improve their quality.
This decision was supported by powerful international organisations. Thus, barriers on foreign trade and foreign investment were removed to a large extent. This meant that goods could be imported and exported easily and also foreign companies could set up factories and offices here.
Removing barriers or restrictions set by the government is what is known as liberalisation. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export. The government imposes much less restrictions than before and is therefore said to be more liberal.

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Consider the following statements.1. Removing barriers or restriction...

Explanation:

Statement 1:
Removing barriers or restrictions set by the government is indeed known as liberalisation. Liberalisation refers to the process of reducing or eliminating government regulations and controls in various sectors of the economy.

Statement 2:
With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export. This statement is correct as liberalisation of trade aims to promote free trade by reducing trade barriers such as tariffs, quotas, and import/export restrictions. This allows businesses to engage in international trade more freely and make decisions based on market demand and competitiveness.

Statement 3:
The government imposes much fewer restrictions than before and is therefore said to be more liberal. This statement is also correct. Liberalisation often involves reducing government control and intervention in economic activities. By imposing fewer restrictions, the government allows market forces to play a greater role in determining economic outcomes, which is a characteristic of a more liberal economic environment.

Conclusion:
All three statements are correct. Liberalisation involves removing government barriers or restrictions, allowing businesses to make independent decisions about import and export, and reducing government intervention in economic activities. Therefore, option D, which states that all the statements are correct, is the correct answer.

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Consider the following statements.1. Removing barriers or restrictions set by the government is what is known as liberalisation.2. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.3. The government imposes much less restrictions than before and is therefore said to be more liberalWhich of the statements/statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?

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Consider the following statements.1. Removing barriers or restrictions set by the government is what is known as liberalisation.2. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.3. The government imposes much less restrictions than before and is therefore said to be more liberalWhich of the statements/statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements.1. Removing barriers or restrictions set by the government is what is known as liberalisation.2. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.3. The government imposes much less restrictions than before and is therefore said to be more liberalWhich of the statements/statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements.1. Removing barriers or restrictions set by the government is what is known as liberalisation.2. With liberalisation of trade, businesses are allowed to make decisions freely about what they wish to import or export.3. The government imposes much less restrictions than before and is therefore said to be more liberalWhich of the statements/statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'D'. Can you explain this answer?.

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