After independence, how did the government protect the domestic industries from foreign competition?

Imposing tariffs Putting quotas Both 1 and 2 None of the above

Both 1 and 2

In the first seven plans, government focused on inward looking trade strategy. The policy aimed at replacing or substituting imports with domestic production. Protection from imports at that time took two forms: tariffs and quotas. Tariff is a tax on the imported goods whereas quotas specify the quantity of goods which can be imported.