This is a policy of the government for the development of an economy in which import of goods is generally substituted by domestic production (through import controls, tariffs and other restrictions) with a view to encourage domestic industry on grounds of self-sufficiency and domestic employment. This policy is called as___________.
Answer & explanation
Correct answer: option 2
The correct answer is Option 2: Import Substitution Policy
Import Substitution : A policy of the state for development of economy in which import of goods is generally substituted by domestic production (through import controls, tariffs and other restrictions) with a view to encourage domestic industry on grounds of self-sufficiency and domestic employment.