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What is Understanding Import Substitution Policy about?

Import substitution is a government strategy that emphasizes replacing imported goods and services with local production to encourage self-reliance, reduce foreign demand, and stimulate the domestic economy. This is done by generating employment, attracting industries that substitute imports, and incentivizing innovation in critical areas like food, technology, and defense. However, local industries often cannot compete due to lack of scale, and the strategy

Author

Kunal Mehra

Language

EN