Justify the policy of protectionism adopted …
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Meghna Thapar 5 years, 3 months ago
Protectionism, policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors. Protectionism policies are formulated to give impetus to the domestic economy and entail the adoption of certain policies to drive growth and allow for domestic development. Some of the tried and tested measures include Imposing import tariffs to discourage imports. After independence in 1947, India spent decades trying to survive without international trade. This has also helped India to run a trade surplus - whereby it sells more than it buys - in goods and services with the US.
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