what are trade barriers? why did India had trade barriers after Independence?
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Governments handles the situation of foreign trade to increase or decrease through trade barriers and to decide quantoty of goods should come into the country. after independence trade barriers because it was considered necessary to protect the consumers from foreign competition.
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Trade barriers are government-induced restrictions on international trade. Economists generally agree that trade barriers are detrimental and decrease overall economic efficiency; this can be explained by the theory of comparative advantage.
The Indian government had put barriers to foreign trade and foreign investment. Because this was considered necessary to protect the producers within the country from foreign competition. The competition from well established foreign competitors would have crippled the new-bom industries of India.
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