Foreign Trade Before 1991


 
 
Concept Explanation
 

Foreign Trade Before 1991

Foreign Trade Before 1991: After independence, the Government of India had put barriers on foreign trade and foreign investment, to protect the producers within the country from foreign competition, as they were just coming up in 1950s and 1960s. At that time, India allowed imports of only essential items such as machinery, fertilizers, petroleum,etc. It is notable that all developed countries, during the early stages of development, have given protection to domestic producers through a variety of means.

 
 


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