The correct answer is option 2: Both A and R are individually true but R is NOT the correct explanation of A.

In option 1, the correct part is about both A and R being individually true. The new EXIM policy is indeed liberal and market-oriented, favoring global trade. Furthermore, GATT (General Agreement on Tariffs and Trade) has indeed played a significant role in the liberalization of the economy. However, GATT is not directly responsible for the orientation of the EXIM policy, hence, R does not explain A, hence, option 1 is incorrect.

Option 3 states that A is true but R is false. However, R is not false as the GATT has contributed significantly to economic liberalization.

Option 4 indicates that A is false but R is true. However, A is actually true.

In summary, both assertions A and R are true but R does not adequately explain A, hence, the correct answer is Option 2.