The following of Importing was a strategy that substituted, to lessen the dependence of foreign countries, as well as make the country self-sufficient in heavy and capital goods industry. There was a very restrictive import policy and vigorous export promotion policy adopted which lead to a long lasting solution to balance the payment problem. It increased allocation of raw material to export oriented industries. The removal of disincentives and settling export promotion advisory council (ministry of international trade). Import control was introduced in 1940, and in 1946 the Emergency provisions ordinance was promulgated to continue the import trade control.
The objective of enforcing these political reforms on foreign trade was:
The objective of enforcing these political reforms on foreign trade was:
- To derive maximum benefit from expanding global opportunity
- To enhance economic growth by providing raw material, intermediates, consumable and capital good for production
- To enhance technological strength an efficiency or Indian agriculture, industry and service
- To provide consumers w/ goods quality product at reasonably prices
- To simplify the procedural formalities and follow the expanding freely importable list
- To facilitate sustained growth in export to attain a share of at least 1% of global merchandise trade
- To stimulate economic growth by provide access to essential raw material, intermediate, & capital goods =production & provide service
- To enhance technology strength and efficiency of Indian agriculture, industry and service
- To provide consumers with good quality goods and service at internationally competitive price