Class 11 Economics - Indian Economic Development - Chapter Liberalisation, Privatisation and Globalisation: An Appraisal NCERT Solutions | What is the meaning of quantitative rest

Welcome to the NCERT Solutions for Class 11th Economics - Indian Economic Development - Chapter Liberalisation, Privatisation and Globalisation: An Appraisal. This page offers a step-by-step solution to the specific question from Exercise 1, Question 8: what is the meaning of quantitative restrictions....
Question 8

What is the meaning of quantitative restrictions?

Answer

Quantitative Restrictions (QRs) refer to the restrictions in the form of limits or quotas on the amount of commodities that can either be imported or exported. QRs usually on imports (refers to non-tariff measures) are imposed to discourage imports of foreign goods and to reduce Balance of Payment (BOP) deficits. The imposition of QRs provides impetus to the domestic firms to survive, grow and expand in a protective and lesser competitive environment.

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