Question

explain the inward looking trade strategy followed in india after independence. what are its benefits and drawbacks (5marks)​

Answer 1

Answer:

Inward looking trade strategy is also known as import substitution. ... Tariffs are imposed on imported goods to make the goods more expensive which will reduce their use. Quotas provide the quantum of goods which can be imported. Hence, this policy protects the domestically produced goods from foreign competition.

Answer 2

Explanation:

Inward looking trade strategy is

also known as import substitution. .. Tariffs are

imposed on imported goods to make the goods

more expensive which will reduce their use.

Quotas provide the quantum of goods which can

be imported. Hence, this policy protects the

domestically produced goods from foreign

competition.

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