Which of the Following Statements About India's Initial Economic Strategy

question 52

Multiple Choice

Which of the following statements about India's initial economic strategy, which it adopted after Independence, is INCORRECT?

• A) India's strategy involved state planning, while allowing for a role for private entrepreneurs.
• B) This strategy included heavy tariffs in order to protect domestic industry.
• C) This strategy enabled the country to build up an impressive industrial base fairly quickly.
• D) India's economic development strategy included the creation of large public enterprises.
• E) To achieve economic development, India streamlined government red tape to increase the start-up and expansion of private industries.

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Definitions:

Sales Offer

A promotional or sales activity making a specific proposal to entice customers to buy a product or service.

Goods

Physical items that are sold or traded, typically manufactured products or raw materials.

Business Transaction

An economic event with a third party that is recorded in an organization's accounting system.

Total Assets

The complete sum of everything a company owns or controls that has economic value, shown on the balance sheet.