Why was the liberalization of foreign trade avoided in India until 1991?
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Trade and Investment Policy Reforms: Liberalisation of trade and investment regime was initiated to increase international competitiveness of industrial production and also foreign investments and technology into the economy.
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Reforms Before 1991
However, a second poor harvest and subsequent industrial recession helped fuel political backlash against liberalization, characterized by resentment at foreign involvement in the Indian economy and fear that it might signal a broader shift away from socialist policies.
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