What are the Policies of India?
Answers
Industrial Policy
The first Industrial Policy supported the economic system principle was declared in 1948 that demarcated clearly the areas of operation of the general public and personal sectors. This policy was revised in 1956 that set bigger stress on the increasing role of the general public sector.
Trade policy
The two large advocates of free trade—Adam Smith and David Ricardo—about 200 years past argued that free flow of products and services, i.e., unrestricted trade, would be useful.
Monetary Policy
Monetary policy or credit policy issues itself with the price (i.e., the speed of interest) and therefore the handiness of credit to have an effect on the general offer of cash. The hallmark of the RBI’s financial policy within the Fifties was that of controlled financial enlargement.
Trade under Free Trade
The trade theory (both absolutely the advantage and comparative advantage theory) assumes the existence of trade. Here we wish to elucidate however do trade influence domestic production, consumption, and import. Such is also explained with the help of demand-supply mechanism.