GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To protect goods produced in India from imports, government made use of:
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Quotas
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Tariffs
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Export promotion
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All of these
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Explanation:
Detailed explanation-1: -To Protect goods produced in india from imports, Government made use of : Quotas.
Detailed explanation-2: -Protection from imports took two forms: (i) Tariffs i.e., a tax on imported goods to make imported goods more expensive and thus discourage their use. (ii) Quotas-which limited the quantity of imports. The policy of import substitution provides protection to domestic industries from foreign competition.
Detailed explanation-3: -Governments decrease excessive import activity by imposing tariffs and quotas on imports. The tariffs make importing goods and services more expensive than purchasing them domestically. Imposing tariffs is one way a country can work to improve its balance of trade.
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