Economics · Trade Policy and Import Substitution
Consider the following statements regarding the methods adopted by the Government of India during the inward-looking trade strategy to protect domestic goods from imports: (i) High tariffs or heavy taxes were levied on imported goods. (ii) Quotas were fixed to specify the maximum quantity of a commodity that could be imported. Which of the statements given above is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only (i)
- 2Only (ii)
- 3Neither (i) nor (ii)
- 4Both (i) and (ii)✓
Correct answer
Both (i) and (ii)
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