Import substitution is an economic strategy focused on replacing imported goods with domestically produced ones to foster local industry development, protect nascent businesses, and reduce reliance on foreign countries, primarily through trade barriers like quotas and tariffs.
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import substitution is a strategy which
emphasizes replacing Imports with
domestically produced Goods to encourage
the development of domestic industry
moreover the goods produced under this
are consumed in the country itself and
not exported it also targets the
protection and incubation of newly
formed domestic Industries so that their
goods are competitive with their
imported counterparts developing
countries take this step to decrease
their dependence on developed countries
the center protects its domestic
industry mainly by imposing two types of
trade barriers one is by imposing quotas
and the second is through tariffs under
the quota route the government specifies
the number of goods that can be imported
if the demand is higher than that it
needs to be met through domestic
production under tariffs attacks is
imposed on imported products making them
costlier this discourages the import of
these products before the independence
in 1947 Britain held a monopoly over
India's exports and imports however in
1950 the country entered an era of
planned development in the first seven
five-year plans trade in India was
characterized by an inward looking
strategy or import substitution this
went on till 1990. in 1991 The nazima
Rao government undertook the
liberalization privatization and
globalization reforms also called LPG
reforms it allowed foreign companies to
come to India to make and sell products
the Indian economy in a way allowed
Imports as well as exports of goods
there are two major disadvantages of
restricting Imports through this policy
one it limits the range of products for
customers of the country as they only
have to largely purchase what's produced
domestically second the producers are
aware that they have a captive market
and thus there is less emphasis on
improving the quality of goods so
customers have a higher risk of getting
foreign
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