IEcoS (Economic Services) Indian Economics Foreign Trade-Recent Changes in Trade Policy Terms and Persons (Page 5 of 11)

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Globalization

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Globalization is the widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritual. (David Held) . Globalization is difficult to define and several definitions are there and one can՚t disagree with most of them.

Gold Card Scheme

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The Gold Card Scheme is a loan facility for exporters. It works like the Kisan Credit Card Scheme.

Import Substitution

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Import substitution is producing imported goods domestically. Here, the government gives high incentives to domestic producers to produce the previously imported goods. Import substitution is a part of inward oriented trade strategy.

Inward Oriented Strategy

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Inward oriented strategy is the trade strategy adopted by a country to restrict international trade. Import restriction and import are the two components of inward oriented strategy. Import restriction is limiting imports by imposing high tariff etc. Import substitution is producing importable goods domestically.