GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Answer: The Indian government after independence had put barriers to foreign trade and investment. This was done to protect the producers within the country from foreign competition. To protect the Indian economy from foreign infiltration in industries affecting the economic growth of the country as planned.
Detailed explanation-2: -In New Economic Policy in 1991, the government wished to remove these barriers because it felt that domestic producers were ready to compete with foreign industries. It felt that foreign competition would in fact improve the quality of goods produced by Indian industries.
Detailed explanation-3: -"Barriers to foreign trade and foreign investments were removed to a large extent in India in 1991."
Detailed explanation-4: -After independence, the Indian government had put barriers to foreign trade and investment to protect the domestic producers from foreign competition. These barriers were removed around 1991 as the government felt that the Indian producers were ready to compete with the producers around the globe.