Question

Read the following hypothetical text and answer the given questions:

The performance of Indian economy during the period of first seven five year plans (1950-1990) was satisfactory if not very impressive. On the eve of independence, India was an industrially backward country, but during this period of first seven plans our industries became far more diversified, with the stress being laid on the public investments in the industrial sector. The policy of import substitution led to protection of the domestic industries against the foreign producers but we failed to promote a strong export surplus. Although public sector expanded to a large extent but it could not bring desired level of improvement in the secondary sector. Excessive government regulations prevented the natural trajectory of growth of entrepreneurship as there was no competition, no innovation and no modernization on the front of the industrial sector. Many Public Sector Undertakings (PSU’s) incurred huge losses due to operational inefficiencies, red-tapism, poor technology and other similar reasons. These PSU’s continued to function because it was difficult to close a government undertaking even it is a drain on country’s limited resources. On the Agricultural front, due to the measures taken under the Green Revolution, India more or less became self-sufficient in the production of food grains. So the needs for reform of economic policy was widely felt in the context of changing global economic scenario to achieve desired growth in the country.

Inward looking trade strategy aimed at ______.

पर्याय

• protecting domestic industries

• protecting domestic industries from international competition.

• none of the above

Answer 1

Inward looking trade strategy aimed at protecting domestic industries from international competition.