With reference to the trade policy adopted by India after Independence which of the following statement is correct?
1
The policy was called outward-looking policy substituting or replacing imports with domestic production.
2
The policy was based on which country seeks economic development by opening itself up to international trade.
3
The policy was based on substituting or replacing imports with domestic production which is often called an inward-looking strategy.
4
The policy was a mix of both the inward and the outward-looking strategy.