Arrange the following in correct chronological order starting from the oldest to the latest:
(A) World Trade Organisation (WTO)
(B) General Agreement on Trade and Tariffs (GATT)
(C) New Economic Policy of India (NEP)
(D) Introduction of Goods and Services Tax (GST)
(E) Establishment of NABARD
Choose the correct answer from the options given below:

Correct option is B

Correct Option: 2. B, E, C, A, D 

Information Booster:

• (B) GATT (1948): The General Agreement on Tariffs and Trade came into effect on January 1, 1948, to reduce trade barriers.

• (E) NABARD (1982): Established on July 12, 1982, on the recommendations of the B. Sivaraman Committee to focus on rural credit.

• (C) New Economic Policy (1991): Launched in July 1991 to liberalize the Indian economy through Liberalization, Privatization, and Globalization (LPG).

• (A) WTO (1995): The World Trade Organization replaced GATT on January 1, 1995, following the Marrakesh Agreement.

• (D) GST (2017): The Goods and Services Tax was implemented on July 1, 2017, unifying indirect taxes across India.

Additional Knowledge:

• Uruguay Round: The WTO was born out of the Uruguay Round of GATT negotiations (1986–1994).

• 101st Amendment: The GST was introduced through the 101st Constitution Amendment Act.

• Rao-Manmohan Model: The 1991 reforms are often referred to by this name, honoring the PM (P.V. Narasimha Rao) and FM (Manmohan Singh) of the time.