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Q.

The Indian government felt the need to remove barriers on foreign trade and investment in ____.


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Detailed Solution

The Indian government felt the need to remove barriers to foreign trade and investment in 1991. Since 1991, the structure and composition of Indian markets have changed a lot. There are not only domestic producers selling in the market to Indian customers now, but many foreign sellers from different countries are participating in this trade. Indian buyers have better choices and quality of goods than they did two decades back due to increased competition. Now, the latest models of mobile phones, televisions, and automobiles are present in the Indian market.
 
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