Direction: Read the passage carefully and answer the question that follows.

Our economic development is emerging rapidly. It all began with the long journey of single step and miles. Before the advent of British rule, India had a self-sufficient, village-based economic system pre- dominated by agriculture and handicrafts. The manufacturing industry was limited to make agricultural tools and implements, utensils, weapons and jewellery. The Britishers had their vested interest. Initially, they were interested in the loot and plunder of the country but finally, they looked upon India for their further aim. During the 200 years of British rule, the land of plenty was reduced to a land of hunger and misery. But the challenge of the removal of poverty was taken up immediately after independence in the shape of five-year plans. We have tried to highlight the fact that our country's economy is in full swing. It is transitioning from poverty to plenty.

The process of this transition has been slow but it has been steady which indicates well for the future. After independence, the era was known as 'financial imperialism'. India developed its market policy and economy while the objective of self-reliance and self-sufficiency influenced the trade policy formulation in the 1950s and 1960s, factors like export-led growth, improving efficiency and competitiveness of Indian Industries. During the late 1970s and early 1980's the concerns of the Indian economy adverse balance of payments. After the devaluation of the Indian rupee, the Union Budget 1991-92 announced various policies to boost the economy. In 1997 the new export and import policy was introduced to accelerate India's economy towards the global world. In 1998 the policy was further revised under the World Trade Organization (WTO).