Business Environment, 4th Edition by Pearson

256 | Chapter 9

SUMMARY

 Trade policy plays a vital role in achieving the

objectives and boosting the economic growth

and works as a catalyst agent to promote trade.

Since independence, the Government of India

has broadly restricted the foreign competition

through a judicious use of import licensing,

import quotas, import duties and, in extreme

cases, even banning the import of specific goods.

Vigorous export promotion was emphasised

after the Second Plan to earn foreign exchange,

to overcome the acute foreign exchange crisis.

 Five distinct phases in India’s trade policy can be

noted as follows: the first phase pertains to the

period from ...