With reference to India's trade policy during the first seven Five Year Plans, consider the following statements: 1. India adopted an inward-looking trade strategy known as import substitution. 2. Protectionist policies included the use of tariffs and quotas to restrict imports. 3. Serious efforts to promote exports were a major focus from the very beginning of planning in 1950. Which of the statements given above is/are correct? |ForumIAS

Q. With reference to India’s trade policy during the first seven Five Year Plans, consider the following statements:
1.India adopted an inward-looking trade strategy known as import substitution.
2.Protectionist policies included the use of tariffs and quotas to restrict imports.
3.Serious efforts to promote exports were a major focus from the very beginning of planning in 1950.
Which of the statements given above is/are correct?

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2, and 3

Answer: A

Notes:

Explanation:

India adopted import substitution (inward-looking strategy).
Protection was provided through tariffs and quotas.
Serious promotion of exports was not a focus until the mid-1980s.

Source- 12th NCERT: Economics: Macroeconomics

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