List out the features of new trade policy?

1.	List out the features of new trade policy?
Answer» The main feature of the new trade policy as it has evolved over the years since 1991 are as follows: Free imports and exports: 1. Prior to 1991, in India imports were regulated. 2. From 1992, imports were regulated by a limited negative list. 3. The trade policy of 1 April 1992 freed imports of almost all intermediate and capital goods. Rationalization of tariff structure and removal of quantitative restrictions: 4. The Chelliah Committee’s Report had suggested drastic reduction in import duties. 5. It had suggested a peak rate of 50 percent. 6. A gradual reduction in the tariffs, the 1991-92 budget had reduced the peak rate of import duty from more than 300 percent to 150 percent. 7. The process of lowering the customs tariffs was carried further in successive budgets.

Answer»

The main feature of the new trade policy as it has evolved over the years since 1991 are as follows: Free imports and exports:

1. Prior to 1991, in India imports were regulated.

2. From 1992, imports were regulated by a limited negative list.

3. The trade policy of 1 April 1992 freed imports of almost all intermediate and capital goods. Rationalization of tariff structure and removal of quantitative restrictions:

4. The Chelliah Committee’s Report had suggested drastic reduction in import duties.

5. It had suggested a peak rate of 50 percent.

6. A gradual reduction in the tariffs, the 1991-92 budget had reduced the peak rate of import duty from more than 300 percent to 150 percent.

7. The process of lowering the customs tariffs was carried further in successive budgets.

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