Question

What are the objectives of Import substitution?

Answer 1

OBJECTIVES OF IMPORT SUBSTITUTION
Import substitution occurs when domestic production of identical
goods replaces the foreign sources of supply, without aiming at
complete replacement of imports. This policy which is closely
related to trade came into conflict with the economic system
that linked the Great Powers of Western Europe with the New World

Answer 2

The main objective of the import substitution is to increase the economy of one's own country.

Import Substitution means the substitution of import of foreign goods and using more of domestic or local goods.

This is especially essential for the economic good .

Other Objectives of import substitution

⇒ Important substitution is used to conserve economy in a country .

⇒ To prevent trade .

⇒ To promote economic development in a nation .

⇒ To promote employment .

⇒ To do away with social and economic problems .