The correct answer is 2001. Explanation & Key Takeaways: • Quantitative Restrictions (QRs) are non-tariff barriers, such as quotas and import licensing, used by a government to limit the physical quantity of goods that can be imported over a specific period. • India maintained these restrictions for decades to protect domestic industries and manage Balance of Payments (BoP) crises, citing the provisions under the General Agreement on Tariffs and Trade (GATT). • Following the Economic Reforms of 1991, India began a systematic process of Trade Liberalization to integrate its economy with the global market. • A significant turning point occurred when the World Trade Organization (WTO) ruled against India in a dispute triggered by the United States, stating that India’s improved BoP position no longer justified the maintenance of QRs. • Consequently, India committed to a phased removal of these barriers. The final batch of 715 items, which included agricultural products and consumer goods, saw the total elimination of QRs on April 1, 2001. • This move marked the transition from a command-based licensing regime to a market-linked tariff system, significantly impacting the Exim Policy (Export-Import Policy) of the nation. Related Concepts: • New Economic Policy (1991): • Commonly referred to as the LPG Model (Liberalization, Privatization, and Globalization), it was spearheaded by then Finance Minister Dr. Manmohan Singh. • It aimed to reduce the License-Permit Raj, encourage Foreign Direct Investment (FDI), and dismantle trade barriers to boost industrial efficiency. • World Trade Organization (WTO): • Established on January 1, 1995, following the Uruguay Round of negotiations, it serves as the global body regulating international trade. • India is a founding member and is obligated to adhere to its principles of most-favored-nation (MFN) treatment and the reduction of protectionist measures. • Tariffication: • After removing QRs, India shifted to Tariffs (customs duties) as the primary tool for regulating imports, which is considered a more transparent and less distortionary method of trade protection.