As we embarked on a period of planning after independence, import substitution constituted a major component of India's trade and industrial policies. Planners, more or less, chose to ignore the option of foreign trade as a stimulant of economic growth. This was primarily due to the highly pessimistic view taken on the potential of export earnings.
The Merriam Webster Dictionary defines poverty as "the state of one who lacks a usual or socially acceptable amount of money or material possessions." However, poverty is not simply characterised by a lack of adequate income. It has far reaching implications.