Give the benefits of inward looking trade strategy.
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The following benefits are credited to the country by following this trade policy:
- Increased rate of industrial growth leading to structural transformation: This strategy, followed by the Indian Government, helped the domestic industries to survive and expand their operations.
- Diversification of industrial growth: This strategy helped in diversifying the industrial activities in the country. Till 1950, modern industries were merely confined to textile and jute industries, but the introduction of this policy helped in diversification of industries.
- Created opportunities for investment: The policy of the government to protect small scale industries induced the investors to invest in them. These industries needed less capital and created opportunities for self-employment. The establishment of these industries promoted growth with equity and ensured that small savings are also channelised towards the economic growth of the country.
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