India faced serious food shortages during the 1950s and 1960s. The major item of import at that time was food grain, capital goods, machinery and equipment. The balance of payment was adverse as imports were more than export in spite of all the efforts of import substitution. After the 1970s, food grain import was discontinued due to the success of the Green revolution but the energy crisis of 1973 pushed the prices of petroleum, and the import budget was also pushed up.

From how many sides is India surrounded by the sea?

Three

India is surrounded by sea from three sides and is bestowed with a long coastline.