Choose the given statement is True/False:

Until the middle of the 20th century, India imported raw materials and foodstuff and exported finished goods.

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True

False

answer is B.

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Detailed Solution

The above statement is false.
India exported raw materials and foodstuff and imported finished goods until the middle of the 20th century. The country’s trade policy was mainly import substitution. It believed in producing most of the items domestically rather than importing from other countries. This policy aimed to protect domestic industries from foreign competition. It was only in 1991 that the country decided to revisit its trade and investment policies and revise them completely. With liberalisation, globalisation, and privatisation, trade barriers were removed, private companies emerged, and the country’s economy became increasingly integrated with the world economy.
The correct statement is “India exported raw materials and foodstuff and imported finished goods until the middle of the 20th century”.

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