MEDIUM
Earn 100

State the meaning of import substitution. Explain how import substitution can protect the domestic industries.

Important Questions on Indian Economy 1950-1990

EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
What are the two ways by which domestic industries can be protected from imports?
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
The policy of 'Import Substitution' was targeted to protect _____(domestic/foreign) industries.
MEDIUM
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
How does import substitution protect domestic industries?
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution

In the first seven five year plans, foreign trade was characterised by an inward looking Trade Strategy, known as 'Export Promotion
 
MEDIUM
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
To protect goods produced in India from imports, Government made use of which trade reforms?
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
Taxes imposed on imported goods are known as_____(tariffs/Quotas).
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
Define "Quota".
HARD
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
Explain how import substitution can protect domestic industry?
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
What refer to taxes levied on imported goods?
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
Inward looking trade strategy is also known as the policy of_____(Import Substitution/Export Promotion).
HARD
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
The protection of domestic industries through import substitution suffered from two drawbacks. Mention them.
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
Import substitution has replaced imports with the _____(domestically/foreign)produced goods.
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
_____(Import Substitution/Export Promotion) policy followed in first seven five year plans of India, aimed at substituting imports with domestic production.
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
What do we mean by import substitution?
HARD
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
Briefly discuss the progress of Indian economy during the first seven plans in the agriculture, industrial and trade sector.
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
_____(Quotas/Tariffs) refers to fixing the maximum limit on the import of a commodity by a domestic producer.
HARD
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
Though public sector is very essential for industries, many public sector undertakings incur huge losses and are a drain on the economy's resources. Discuss the usefulness of public sector undertakings in the light of this fact.
HARD
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution

Find out and prepare a list of major items that India imported and exported during 1990-91 and 2018-19.

(a) Observe the difference

(b) Do you see the impact of self-reliance? Discuss

EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution
_____(Import Substitution/Export Promotion) refers to a policy of replacement or substitution of imports by domestic production.
EASY
Economics>Indian Economy Post-independence>Indian Economy 1950-1990>Trade Policy of Import Substitution


Define the following terms:

  1.  Import Substitution
  2.  Quota