In India, during the first seven plans, trade policy was characterized by an inward-looking trade strategy. Technically, this strategy is called:
In India, during the first seven plans, trade policy was characterized by an inward-looking trade strategy. Technically, this strategy is called:
Solution
✅ Correct Option: 3
During the first seven plans India followed an inward-looking trade strategy aimed at replacing imported goods with domestic production behind protective barriers. This strategy is technically called import substitution.
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