Answer:
(i)
After Independence, the Indian government had put barriers on foreign trade and
foreign investment.
(ii) Initially, Indian industries were just coming up after Independence,
so competition from imports wouldn't have allowed these industries to come up.
(iii) In 1999, the government decided that the time had
come for Indian producers to compete with the producers around the globe.
(iv) It was felt that competition would improve the
performance of domestic producers since they would improve their quality.
(v) Thus, barriers on foreign trade and foreign investment
were removed to a large extent.
Now goods could be imported and exported easily and
foreign companies could also set up factories and offices here.
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