In the First seven five-year plan, in India trade was characterized by what is commonly called an ______ strategy.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. inward looking trade.
In the First seven five-year plans, trade in India was characterized by what is commonly called an inward looking trade strategy. This approach focused on self-reliance and minimizing dependence on imports by developing domestic industries and encouraging local production. It aimed at reducing foreign trade and fostering internal growth and development.