What was inward looking policy? Why government of India implemented policy of inward looking?
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Answers
Answer:
Inward looking trade strategy is also known as import substitution. Its main aim is to produce goods domestically which are imported to our nation. Here, the government protects the domestically produced goods from foreign competition. This policy protects imports in two forms, tariffs and quota.
Answer:
Inward looking trade strategy is also known as import substitution. Its main aim is to produce goods domestically which are imported to our nation. Here, the government protects the domestically produced goods from foreign competition. This policy protects imports in two forms, tariffs and quota.
Inward Looking Strategy
The policy was simple, we were going to substitute the imports of our economy with domestic production. The aim of this policy was to boost domestic production and also protect domestic goods from international competition
Explanation:
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