During the first two decades of planning (roughly 1951-1971), India faced significant challenges regarding its foreign exchange position. The development strategy focused on import-substituting industrialization, which required substantial imports of capital goods, machinery, and technology. Export earnings were relatively low due to a narrow export base and global factors. This led to chronic balance of payments deficits and a constant shortage of foreign exchange, necessitating strict import controls and reliance on foreign aid.
During first two decades of planning foreign exchange position was
Asked in WBCS Main Paper 5 2021 · Topic: Planning (Achievements and Failures of Planning in India)
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