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unit-4-planning,-governance-and-institutions

Unit-4 Planning, Governance and Institutions

This unit outlines the growth performance in each plan, the shifts in plan priorities and strategies, and the shifts in major economic policies leading to the present regime of economic reforms with a central place to market induced investment and growth.

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Which is the period when the need for balance between export promotion and import substitution was felt and adopted as trade policy? What was the basis for this measure? 

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Learning Pundits Content Team

Written on Jun 26, 2019 2:54:28 PM

The Report of the Committee on Trade Policies (Abid Hussain Committee, 1984) emphasised the need for balance between export promotion and import substitution.

The government in mid-1980s, therefore, initiated a policy of export promotion and import liberalisation.

Following this, exports increased at a record rate in the later half of 1980s, though imports did cause problems of foreign exchange shortage.

Nevertheless, these shifts towards trade liberalisation in 1980s laid the foundation for the total dropping of the policy of ISI in 1991 and move towards liberalisation of trade as a part of overall economic reforms.