Trade Policy of Import Substitution
Trade Policy of Import Substitution: Overview
This topic covers concepts, such as, Trade Policy of Import Substitution and Effect of the Five Year Plans on Industrial Development etc.
Important Questions on Trade Policy of Import Substitution
Define "Quota".
What are tariffs?
What are the two ways by which domestic industries can be protected from imports?
What do we mean by import substitution?
In the first seven five year plans, foreign trade was characterised by an inward looking Trade Strategy, known as 'Export Promotion
Briefly discuss the progress of Indian economy during the first seven plans in the agriculture, industrial and trade sector.
State the meaning of import substitution. Explain how import substitution can protect the domestic industries.
Define the following terms:
- Import Substitution
- Quota
The protection of domestic industries through import substitution suffered from two drawbacks. Mention them.
What refer to taxes levied on imported goods?
To protect goods produced in India from imports, Government made use of which trade reforms?
_____(Import Substitution/Export Promotion) policy followed in first seven five year plans of India, aimed at substituting imports with domestic production.
The policy of 'Import Substitution' was targeted to protect _____(domestic/foreign) industries.
Taxes imposed on imported goods are known as_____(tariffs/Quotas).
Inward looking trade strategy is also known as the policy of_____(Import Substitution/Export Promotion).
_____(Quotas/Tariffs) refers to fixing the maximum limit on the import of a commodity by a domestic producer.
Import substitution has replaced imports with the _____(domestically/foreign)produced goods.
_____(Import Substitution/Export Promotion) refers to a policy of replacement or substitution of imports by domestic production.
How does import substitution protect domestic industries?
