Indian-Economy
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Q.

When did the first budget of the Narasimha Rao  Government partially float the rupee in a context of removal of import licensing and export subsidies?

 A.

3 January 1990

 B.

5 February 1990

 C.

1 March 1992

 D.

9 April 1995

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Solution:
Option(C) is correct

The first budget of the Narasimha Rao Government on March 1 1992partially floated the rupee in a context of removal of import licensing and export subsidies, and a general domestic and external liberalization.

Between March 1 1992 and the budget of March 1 1993, the rupee was on a dual rate which implicitly taxed exporters who had to surrender 40 percent of their foreign exchange earnings at an officially determined rate and could sell 60 percent in an open market


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