Question : The foreign trade policy of India during 1951-1991 primarily aimed at promoting which of the following?
Option 1: Import substitution
Option 2: Export promotion
Option 3: Protectionism
Option 4: Bilateral trade agreements
Correct Answer: Import substitution
Solution : The correct answer is (a) Import substitution.
During this period, India followed a strategy of import substitution industrialization (ISI), which aimed to reduce dependence on imports by promoting domestic production of goods. The focus was on developing domestic industries to produce goods that were previously imported, with the goal of achieving self-sufficiency and reducing the trade deficit.
To support import substitution, the Indian government implemented various policies and measures such as high tariffs, import licensing, and restrictions on foreign investment. These policies aimed to protect domestic industries from foreign competition and promote the growth of domestic manufacturing.
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Question : Which policy aimed to replace import-oriented development with export-oriented growth in India?
Option 1: Swadeshi movement
Option 2: Import substitution
Option 3: Export promotion
Option 4: Public-private partnership
Question : Which policy aimed to protect domestic industries from foreign competition in India?
Option 3: Public-private partnership
Option 4: Swadeshi movement
Question : Statement 1: The Foreign Trade Policy of India during 1951-1991 focused on export promotion.
Statement 2: The policy aimed to increase India's share in global trade and earn foreign exchange.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Question : Statement 1: The Foreign Trade Policy of India during 1951-1991 aimed to reduce dependence on imports.
Statement 2: The policy focused on export promotion and earning foreign exchange.
Question : Statement 1: The Foreign Trade Policy of India during 1951-1991 focused on import substitution.
Statement 2: The policy aimed to reduce imports and promote domestic industries.
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