Assertion (A) >: The new EXIM Policy is liberal, market oriented and favours global trade. Reason (R) >: GATT has played a significant role in the liberalisation of economy.

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Q: 104 (IAS/2003)

Assertion (A): The new EXIM Policy is liberal, market oriented and favours global trade.
Reason (R): GATT has played a significant role in the liberalisation of economy.

question_subject: 

Economics

question_exam: 

IAS

stats: 

0,44,67,57,44,9,1

keywords: 

{'new exim policy': [0, 1, 1, 0], 'gatt': [0, 0, 4, 1], 'economy': [1, 3, 8, 35], 'global trade': [0, 0, 0, 1], 'liberalisation': [0, 1, 1, 1], 'market': [0, 0, 1, 0]}

The correct answer is option 2: Both A and R are individually true but R is NOT the correct explanation of A.

In option 1, the correct part is about both A and R being individually true. The new EXIM policy is indeed liberal and market-oriented, favoring global trade. Furthermore, GATT (General Agreement on Tariffs and Trade) has indeed played a significant role in the liberalization of the economy. However, GATT is not directly responsible for the orientation of the EXIM policy, hence, R does not explain A, hence, option 1 is incorrect.

Option 3 states that A is true but R is false. However, R is not false as the GATT has contributed significantly to economic liberalization.

Option 4 indicates that A is false but R is true. However, A is actually true.

In summary, both assertions A and R are true but R does not adequately explain A, hence, the correct answer is Option 2.