GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the other name of Inward Looking Trade Policy?
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Import Substitution
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Export Promotion
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Modernisation
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Trade restiction
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Explanation:
Detailed explanation-1: -Inward-looking trade strategy is also known as import substitution. Its main aim is to produce goods domestically which are imported to our nation.
Detailed explanation-2: -EXIM Policy: Indian Foreign Trade Policy | Import and Export Policy.
Detailed explanation-3: -Import substitution generally refers to a policy that eliminates the importation of the commodity and allows for its production in the domestic market. The objective of this policy is to bring about structural changes within the economy.
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