Practicing Success
Instead of importing vehicles made in a foreign country, suppose a country encourages industries to produce them in India itself. This strategy is called as: |
inward looking trade strategy import substitution exim strategy 1 or 2 |
1 or 2 |
The industrial policy that India adopted was closely related to the trade policy. In the first seven plans, trade was characterised by what is commonly called an inward looking trade strategy. Technically, this strategy is called import substitution. This policy aimed at replacing or substituting imports with domestic production. |