Question : Statement 1: The Foreign Trade Policy of India during 1951-1991 emphasized import substitution.
Statement 2: The policy aimed to reduce dependence on imports and promote domestic industries.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer:
Both statements are true.
Solution : The correct option is (a) Both statements are true.
Statement 1 is true. During the period mentioned, India adopted a policy of import substitution industrialization (ISI), which aimed to reduce dependence on imports by promoting domestic industries. The focus was on producing goods domestically that were previously imported.
Statement 2 is also true. The Foreign Trade Policy during 1951-1991 aimed to reduce India's reliance on imports by developing domestic industries. It focused on creating a self-reliant economy by promoting domestic production and decreasing dependence on foreign goods.
Therefore, both statements are true. The Foreign Trade Policy of India during 1951-1991 emphasized import substitution and aimed to reduce dependence on imports while promoting domestic industries.
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