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+1 vote
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in Economics by (48.4k points)

Why had Indian government put barriers to foreign trade and foreign investment after independence? Explain.

1 Answer

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Best answer

The Indian government put barriers on foreign trade and foreign investment after independence because: 

  • It was considered necessary to protect the producers within the country from foreign competition.
  • In 1950s and 1960s, the industries were in nascent stage and competition from imports at that stage would not have allowed these industries to develop. 
  • Therefore, India allowed the imports of only essential items like machinery, fertilizers, petroleum etc.

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