Choose the given statement is True/False:

Liberalisation improves the performance of producers in our country.

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True

False

answer is A.

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Detailed Solution

Yes, it is true. Barriers imposed by the government to decrease or increase foreign trade in our country are known as trade barriers. Tax on imports is a very famous example of trade barriers. The government can decide what kind of goods should come into the country and what quantity. In the initial years after independence, the government imposed trade barriers because the local producers were not in the condition to compete with the foreign producers who had access to the latest technology and world-class resources. However, after some years, around 1991, when the government said that the Indian producers could compete with the foreign producers, the trade barriers were removed. This helped local producers not only know the types of goods produced by foreign manufacturers but also expanded their area of sales, production, and operation.

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