Topics:
CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL, Indian Economic Development, NCERT Books
Import Substitution vs Liberalisation
India's pre-reform trade policy of import substitution was replaced by:
- Complete ban on all trade
- Liberalisation of trade and investment regime — Correct Answer
- Government monopoly on all imports
- Higher tariffs and more restrictions
Explanation:
Correct Answer Explanation
Import substitution was replaced by liberalisation of trade and investment regime.
Key Points:
- Aimed to increase international competitiveness of industrial production.
- Promote efficiency of local industries and adoption of modern technologies.
- Attract foreign investments and technology into the economy.
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This multiple choice question is from CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL, Indian Economic Development, NCERT Books. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL to strengthen your preparation.
