Question : Statement 1: The Foreign Trade Policy of India during 1951-1991 focused on export promotion.
Statement 2: The policy aimed to increase India's share in global trade and earn foreign exchange.
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Both statements are true.
Solution : The correct answer is (a) Both statements are true.
Statement 1 is true. The foreign trade policy during this period placed a strong emphasis on promoting exports as a means to earn foreign exchange, stimulate economic growth, and reduce the dependence on imports. Various measures were taken to encourage and support exporters, such as providing incentives and simplifying export procedures.
Statement 2 is also true. The primary objective of the foreign trade policy during 1951-1991 was to increase India's share in global trade and earn foreign exchange. This was achieved through export promotion measures, trade liberalization, and the diversification of export products and markets.
Therefore, both statements are true. The foreign trade policy of India during 1951-1991 focused on export promotion, aimed to increase India's share in global trade, and earn foreign exchange.
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Question : Statement 1: The Foreign Trade Policy of India during 1951-1991 focused on import substitution.
Statement 2: The policy aimed to reduce imports and promote domestic industries.
Question : Statement 1: The Foreign Trade Policy of India during 1951-1991 aimed to reduce dependence on imports.
Statement 2: The policy focused on export promotion and earning foreign exchange.
Question : Statement 1: The Foreign Trade Policy of India during 1951-1991 emphasized import substitution.
Statement 2: The policy aimed to reduce dependence on imports and promote domestic industries.
Question : Statement 1: The Foreign Exchange Regulation Act (FERA) was enacted to regulate foreign trade in India.
Statement 2: FERA was replaced by the Foreign Exchange Management Act (FEMA) in 1991.
Question : Statement 1: The Industrial Policy Resolution of 1956 aimed to create a socialist pattern of society in India.
Statement 2: The resolution focused on the regulation and control of private industries.
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