Question

country Q1. Which of the following was not a reason for the public sector to play a major role in the initial phase of Indian Economic Planning? a) Private entrepreneurs lacked sufficient capital for investment. b) Government aimed at social welfare. c) The market was big enough to encourage private industrialists for investment. d) The government wanted to protect the indigenous producers from the foreign competition. Q2. Inward looking trade strategy aimed at​

Answer 1

Answer:

b

Government aimed at social welfare

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Answer 2

Answer: Q1. c)The market was big enough to encourage private industrialists for investment

Explanation:

Q1.  The public sector has been critical in developing industrial self-sufficiency. This industry has produced iron and steel, railway equipment, petroleum, coal, and fertiliser. The fundamental goal of the industrial policy was to eliminate regional imbalances and diversify industry.The government took the lead in providing the essential foundation of heavy industries and infrastructure through the public sector to help the private sector.

Q2. Import substitution is another term for an inward-looking trading strategy. Its primary goal is to manufacture things in our country that are then imported into our country. In this case, the government shields domestically produced items from overseas competition. Tariffs and quotas are used to safeguard imports under this strategy.

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