Question

What is import substitution strategy?

Answer 1

The import substitution approach substitutes externally produced goods and services, especially basic necessities such as energy, food, and water, with locally produced ones. By doing so, local communities can put their (hard-earned) money to work within their boundaries

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 .