What were the basic characteristics of the Trade policy in India before 1991 ?
Before 1991, India's trade policy was characterized by a highly regulated and protectionist approach, often referred to as the "License Raj" era. This period, spanning several decades after India gained independence in 1947, was marked by a strong interventionist role of the government in economic activities, including trade. The key characteristics of India's trade policy before 1991 can be summarized as follows:
1. Import Substitution Industrialization (ISI): India followed a strategy of import substitution, aiming to reduce dependence on foreign goods by promoting domestic industries. The government imposed high tariffs and non-tariff barriers to protect domestic industries from international competition. This approach was driven by the belief that fostering self-sufficiency would contribute to economic development.
2. Industrial Licensing: The government tightly controlled industrial activities through a system of industrial licensing. This meant that businesses needed government approval to set up or expand their operations. This system was intended to regulate the growth of industries and allocate resources according to the government's planned priorities.
3. Quotas and Import Controls: The government used a system of quotas and import controls to restrict the quantity of certain goods that could be imported. This
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