In which of the following ways domestically produced goods are protected and encouraged?

License fees

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Heavy import duties

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Special assessment

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Gifts and grants

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Solution

The correct option is B
Heavy import duties

Heavy import duties discourage import as it makes the products costlier as compared to the domestically produced goods. Thus, taxes protect the domestic industries from foreign competition.

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Similar questions

Q23. Consider the following statements about Safeguards Duty:

1. Safeguards give domestic producers a period of grace to become more competitive vis-à-vis imports.

2. Safeguards usually take the form of increased duties to higher than bound rate or standard rates or quantitative restrictions on imports.

Which of the above statements are correct?

Q24. Which of these schemes fall under export promotion schemes in India?

1. Export promotion capital goods scheme

2. Special economic zones

3. Duty-free import authorization scheme

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