Question

‘Barriers on foreign trade and foreign investment were removed to a large extent in India since

1991’. Justify the statement.​

Answer 1

Answer:

Barriers on foreign trade and foreign investment were removed to a large extent in India since 1991." 1) Due to this, imports and exports could easily flow between different countries. 2) It allowed the local producers to compete with products at global level, so that they could improve the quality of their product.

Explanation:

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Answer 2

1) In 1991, the Indian government decided that the time has come for Indian producers to compete with producers around the world.

2) It felt that foreign competition would improve the quality of goods produced by Indian producers within the country. Thus, barriers on foreign trade and foreign investment were removed to a large extent.

3)It meant goods could be imported or exported easily and foreign companies could set up factories and offices in India.