Question

Why was it necessary for a developing country like India to follow self-reliance as a planning objective?

Options

• Self-reliance implies discouraging the imports of those goods that could be produced domestically.

• Achieving self-reliance is of prime importance for a developing country like India as otherwise, it would increase the country's dependence on foreign products.

• Dependence on foreign goods and services can promote economic growth of India but Uris would not contribute to the development of domestic productive resources.

• All of the above

Answer 1

All of the above

Explanation:

Self-reliance entails reducing the importation of commodities that may be produced locally. domestically Self-sufficiency is essential. India's importance as a developing country. It would otherwise increase the countries. a reliance on imported goods Dependence can promote international goods and services India's economy is growing, however, this is not the case. contribute to the domestic development resourceful resources Foreign dependency on overseas trade is boosted by commodities and services. At the expense of domestic infants, the country's industries. Further, imports drain away from the scarce foreign reserves that are of prime importance to any developing and underdeveloped economy. Therefore, achieving self-reliance is an important objective for developing countries in order to avoid themselves from being acquiescent to the developed nations.