Question : Which policy aimed at reducing India's dependence on imports and promoting self-reliance?
Option 1: Import Substitution Policy
Option 2: Export Promotion Policy
Option 3: Liberalization Policy
Option 4: Privatization Policy
Correct Answer: Import Substitution Policy
Solution : The correct answer is (a) Import Substitution Policy.
The Import Substitution Policy, also known as the Import Substitution Industrialization (ISI) policy, was pursued by India as part of its industrialization strategy during the post-independence period. This policy was implemented from the 1950s to the 1980s.
The objective of the Import Substitution Policy was to reduce India's reliance on imported goods by promoting domestic production and self-sufficiency. The policy aimed to encourage the establishment of domestic industries that could manufacture goods that were previously imported. The focus was on developing industries that could produce consumer goods, intermediate goods, and capital goods within the country.The Import Substitution Policy was pursued as a means to industrialize the Indian economy and reduce dependence on foreign imports, which were seen as hindrances to economic development and self-reliance.
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 : 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
Question : Which reform aimed to encourage foreign trade and reduce import restrictions in the 1991 economic policy?
Option 3: Bilateral trade agreements
Option 4: Trade liberalization
Question : The 1991 economic policy aimed to promote:
Option 3: Central planning
Option 4: Trade restrictions
Question : Which policy aimed to protect domestic industries from foreign competition in India?
Option 3: Public-private partnership
Option 4: Swadeshi movement
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