Topic Details (Notes format)

World Trade Organization and Global Trade Regimes

Subject: Economics

Book: Comprehensive Indian Economy

The WTO sets multilateral trade rules, resolving disputes and reducing barriers. India, a founding member, balances developing-country interests with progressive liberalization. Key issues revolve around agricultural subsidies, intellectual property rights, and e-commerce rules. Understanding the Doha Development Agenda and India’s stance on public stockholding for food security is crucial for mains. Additionally, note preferential trade agreements (RCEP, EU-FTA) and how they differ from full-fledged WTO obligations. Exam questions may probe how India navigates global trade tensions or uses “special and differential treatment” provisions to safeguard domestic sectors.

Practice Questions

Which of the following measures is most effective in controlling inflation?

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What is “fiscal stimulus”?

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Which of the following is NOT an example of a direct tax?

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What is the significance of “Purchasing Power Parity” (PPP)?

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What is meant by “structural unemployment”?

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What is “open market operations” (OMO)?

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Which of the following is an example of a non-renewable resource?

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What is meant by “credit rating”?

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What does “Laissez-faire” policy advocate?

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Which is the largest source of tax revenue for the Government of India?

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