Economics · Indian Economic History
How did India's trade policy, characterized by high tariffs and quantitative restrictions, primarily impact its domestic industries before 1991?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It diversified India's export basket significantly.
- 2It protected them from foreign competition but led to inefficiency.✓
- 3It forced them to innovate and adopt new technologies rapidly.
- 4It made them globally competitive due to increased exports.
Correct answer
It protected them from foreign competition but led to inefficiency.
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