The question is about the duration of the EXIM (Export-Import) policy announced in India in 1992. This policy defined the country`s approach to exports and imports for a certain period.

Option 1 suggests the period was 3 years, while Option 2 suggests it was 4 years, and Option 3 suggests it was 7 years.

But none of these options are correct. The correct answer is Option 4. In 1992, the new Exim Policy was announced in India for a 5-year period. This period was intended to provide a stable and predictable policy environment for enabling exporters and importers to plan their business and make informed decisions. This was an attempt to create a long-term, sustainable plan for enhancing the country`s export-import business. So, the EXIM policy was defined for a period of 5 years.