CBSE 2025, Set 1

Question

(b) (i) Distinguish between:
(1) Tariff and non-tariff barriers
(2) Bilateral and multilateral trade
(ii) "Small-Scale Industries require a shield against large scale industries." In the light of given statement, elaborate the steps initiated by the government in this direction.

Edvaya · Accepted Answer

The correct answer is Subjective. **(i) (1)** Tariff barriers refer to the restrictions on imports by a government in the form of taxes. Whereas, non-tariff barriers are the restrictions on imports by a government in the form other than taxes mainly including restrictions on the quantity and quality of goods imported.

**(i) (2)** Bilateral trade refers to the exchange of goods or services between two countries. Whereas, multilateral trade is the trade by a country with more than two nations to exchange goods and services.

**(ii)** The steps initiated by government to shield the small-scale industries (SSIs) were:
* The production of several products was reserved for SSIs, depending upon their ability to manufacture these goods.
* They were given concession such as lower excise duty and bank loans at lower interest rates.

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Economics > Indian Economic Development > Development Experience 1947 1990

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