Question

What is meant by import substitution? Explain the Importance of import substitution.

Answer 1

Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production. ISI is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.

Answer 2

Importance of import substitution.

Explanation:

• Import substitution is the process of trade policy whose goal is to reduce the Import of those goods from other countries which are giving tough competition to the domestic products in developing countries.

Importance of Import substitution

• Import substitution promotes the Domestic products
• Import substitution promotes employment opportunities in the country.
• Import substitution promotes opportunities for the domestic industries.

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