Consider the following statements regarding the Trade and Investment ...
Trade and Investment Policy Reforms: Liberalisation of trade and investment regime was initiated to increase international competitiveness of industrial production and also foreign investments and technology into the economy. The aim was also to promote the efficiency of local industries and adoption of modern technologies.
View all questions of this test
Consider the following statements regarding the Trade and Investment ...
Statement 1: The Trade and Investment Policy Reforms were initiated to increase international competitiveness of industrial production and also foreign investments and technology into the economy.
Statement 2: The aim was also to promote the efficiency of local industries and adoption of modern technologies.
Explanation:
The Trade and Investment Policy Reforms aim to create a favorable environment for trade and investment, with the goal of boosting economic growth and development. Let's analyze each statement to determine their correctness.
Statement 1: The Trade and Investment Policy Reforms were initiated to increase international competitiveness of industrial production and also foreign investments and technology into the economy.
This statement is correct. One of the main objectives of trade and investment policy reforms is to enhance the international competitiveness of industrial production. By implementing these reforms, countries can attract foreign investments, technology, and expertise into their economy. This helps in improving the overall productivity and efficiency of domestic industries.
Statement 2: The aim was also to promote the efficiency of local industries and adoption of modern technologies.
This statement is also correct. Along with attracting foreign investments and technology, trade and investment policy reforms also focus on promoting the efficiency of local industries. This is achieved by encouraging the adoption of modern technologies and practices. By embracing innovation and upgrading their processes, local industries can become more competitive in the global market.
Conclusion:
Both statements 1 and 2 are correct. The Trade and Investment Policy Reforms are designed to increase international competitiveness, attract foreign investments and technology, promote the efficiency of local industries, and encourage the adoption of modern technologies. Therefore, the correct answer is option 'D' - None of them.
To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.