Question : Which policy aimed to replace import-oriented development with export-oriented growth in India?
Option 1: Swadeshi movement
Option 2: Import substitution
Option 3: Export promotion
Option 4: Public-private partnership
Correct Answer: Export promotion
Solution : The correct answer is (c) Export promotion
The policy of export promotion aimed to replace import-oriented development with export-oriented growth in India. Import substitution was an earlier strategy that focused on developing domestic industries to replace imports and achieve self-sufficiency. However, recognizing the limitations of this approach, India shifted its focus towards export promotion to drive economic growth.
Export promotion policies involve creating a favorable environment for businesses to increase their exports. This includes providing incentives, reducing trade barriers, improving infrastructure, enhancing access to international markets, and promoting competitiveness. The objective is to encourage domestic industries to produce goods and services that can be sold in foreign markets, thereby earning foreign exchange and stimulating economic growth.
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