Question : Assertion: The foreign trade policy during 1951-1991 aimed to protect domestic industries from foreign competition.
Reason: The policy-imposed import restrictions and high tariffs on certain goods.
Option 1: Both the assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both the assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: The assertion is true, but the reason is false.
Option 4: The assertion is false, but the reason is true.
Correct Answer: Both the assertion and reason are true, and the reason is the correct explanation of the assertion.
Solution : The correct answer is (a) Both the assertion and reason are true, and the reason is the correct explanation of the assertion.
The assertion is true. The foreign trade policy during 1951-1991 in India aimed to protect domestic industries from foreign competition. The policy implemented various measures to restrict imports and create a favorable environment for domestic industries to grow and compete.
The reason is also true. The policy imposed import restrictions and high tariffs on certain goods. These measures were put in place to discourage imports and protect domestic industries from foreign competition. By making imports more expensive and less attractive, the policy aimed to create a market environment where domestic industries could flourish and develop.
Therefore, the reason provided is the correct explanation for the assertion. The foreign trade policy during 1951-1991 aimed to protect domestic industries from foreign competition by imposing import restrictions and high tariffs on certain goods.
Question : Assertion: The Foreign Trade Policy of India during 1951-1991 focused on import substitution.
Reason: The policy aimed to reduce imports and promote domestic industries.
Question : Assertion: The foreign trade policy during 1951-1991 aimed to promote export-oriented industries in India.
Reason: The policy provided tax incentives and simplified regulatory processes for businesses.
Question : Assertion: The Industrial Policy Resolution of 1956 aimed to protect the interests of small-scale industries.
Reason: The resolution provided various incentives and support measures for the growth of small-scale industries.
Question : Assertion: Credit rating agencies assess the creditworthiness of issuers.
Reason: Credit rating agencies issue government bonds.
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