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In the context of India’s foreign trade and investment, inward and outward orientation refer to two contrasting approaches to economic development and engagement with global markets. Inward orientation, also known as import substitution or protectionist strategy, focuses on limiting dependence on foreign trade by promoting domestic production and reducing imports. This approach was predominant in India from independence in 1947 until the early 1990s. During this period, the government adopted policies such as high import tariffs, quantitative restrictions on imports, licensing requirements, and stringent foreign exchange controls to encourage domestic industries. The underlying idea was to achieve self-reliance, reduce vulnerability to global economic fluctuations, and protect infant industries. Industries were expected to produce domestically what could otherwise be imported, and foreign ____ ______ _______ __________ __________.
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