Why was it necessary for a developing country like India to follow self-reliance as a planning objective?

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Yamini

It is necessary for a developing country like India to follow self Reliance as a planning objective because self Reliance means self sufficiency in resources available in our country. . Following self-sufficiency is important for developing countries because they cannot offered import duties.
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Achieving self-reliance was considered important for a developing country like India to reduce the country's dependence on foreign products, especially for food. Dependence on foreign goods and services could make the country vulnerable to foreign interference in economic policies and hence result into...
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Achieving self-reliance was considered important for a developing country like India toreduce the country's dependence on foreign products, especially for food. Dependence on foreign goods and services could make the country vulnerable to foreign interference in economic policies and hence result into loss of economic sovereignty. read less
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PGT Economics with 6years experience

Following are major factors which resulted in India to follow self reliance as one of it's objective. 1.high dependency on imported goods which led to decline in demand for domestic goods. 2. Decline in foreign reserve as more an more cash was flowing out of the economy .
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Following are major factors which resulted in India to follow self reliance as one of it's objective. 1.high dependency on imported goods which led to decline in demand for domestic goods. 2. Decline in foreign reserve as more an more cash was flowing out of the economy . read less
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