2011 · Q70
Import substitution implies
indian-polity-economyeconomy-fundamentals
- Aimporting new items in place of old items of import
- Bgradual reduction of imports of goods to save foreign exchange
- Cincreasing domestic supply of goods by imposing import restrictions
- Dreplacing import items by domestic production of such items
Explanation
Import substitution means replacing imported goods with domestically produced goods to save foreign exchange.