Practicing Success
What do you mean by "Import substitution strategy"? |
replacing or substituting domestic production with imports replacing or substituting exports with domestic production replacing or substituting imports with domestic production both 1 and 3 |
replacing or substituting imports with domestic production |
Import substitution strategy, often known as inward looking trade strategy, aims at replacing or substituting imports with domestic production. For example: instead of importing vehicles made from foreign country, industries would be encouraged to produce them in India itself. |