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
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