Practicing Success
What trade policy did India follow until the mid-1980s? |
Import-oriented strategy Export-led growth strategy Free trade policy Import substitution strategy |
Import substitution strategy |
The industrial policy that India adopted was closely related to the trade policy. In the first seven plans, trade was characterised by what is commonly called an inward looking trade strategy. Technically, this strategy is called import substitution. This policy aimed at replacing or substituting imports with domestic production |