Assertion (A): The new EXIM Policy is liberal, market oriented and favours global trade. Reason (R): GATT has played a significant role in the liberalisation of economy.

The correct answer is B because both statements are factually accurate, but the Reason does not directly explain the Assertion. Assertion A is true because the Export Import Policy introduced during the 1990s reforms focused on removing trade barriers, reducing licenses, and integrating India with the global market. Reason R is also true because the General Agreement on Tariffs and Trade served as a global framework that encouraged member nations to reduce tariffs and promote free trade, leading to global economic liberalization. However, B is the correct choice because Indias specific shift toward a liberal EXIM policy was primarily a result of its domestic Balance of Payments crisis and the 1991 economic reforms. While GATT created a general global environment for trade, it was not the direct or immediate cause for the formulation of Indias specific new EXIM policy. Therefore, R is a true statement but not the specific explanation for A.