GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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import relaxation
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import substitution
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import promotion
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none of these
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Detailed explanation-1: -During the first seven Five-Year plans, the trade policy was characterised by the inward-looking trade strategy. This strategy is known as import substitution. This policy aimed at substituting imports with domestic production. In this policy, the government protected the domestic industries from foreign competition.
Detailed explanation-2: -Another name for import substitution strategy is inward looking trade strategy. Was this answer helpful?
Detailed explanation-3: -Inward looking The general economic strategy was referred to as import substitution, which meant encouraging the development of domestic industry ‘under cover’ of protective barriers, such as tariffs and quota. The industries targeted were those that provided the largest quantity of imports.