Consider the following statements about Indian trade policy in the Pre liberalization era 1 It was c...........

Economic Affairs Industrial Policy and Industrial Growth

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Consider the following statements about Indian trade policy in the Pre- liberalization era

1.It was characterized by import substitution.

2.A lot of emphasis was given to promote exports.

Which of the given statement/s is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

1 only

The statement that Indian trade policy in the pre-liberalization era was characterized by import substitution is correct. Import substitution industrialization (ISI) was a key feature of India's economic policy during this period.

The statement that a lot of emphasis was given to promoting exports is incorrect. In the pre-liberalization era, the focus was primarily on import substitution, and export promotion was not a significant feature of the trade policy during this period.

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