Import substitution is an economic policy aimed at reducing a country's dependence on foreign goods by promoting the production of domestic alternatives. This strategy often involves government support for local industries through tariffs, subsidies, and other protective measures. The goal is to foster self-sufficiency, stimulate local economies, and create jobs, while also enhancing national security by reducing reliance on imports. However, it can also lead to inefficiencies and higher prices if not implemented effectively.
what is d difference between import substitution and export promotion
export promotion is exporting morn than import when production is more there is more export to other states and countries . import substitution means substituting import from one place to other.
gererate employment
import substitution(impex) and export promotion(exim)
protectionist policies were emphasized
what are the main criticism of import substitution industrialisation
what is d difference between import substitution and export promotion
export promotion is exporting morn than import when production is more there is more export to other states and countries . import substitution means substituting import from one place to other.
gererate employment
Explain how entrepreneurship can lead to import substitution and utilization of resources
import substitution(impex) and export promotion(exim)
protectionist policies were emphasized
What would be one effect of import substition on the balance of trade of a country
One way is by imposing tariffs
protectionist policies were emphasized
when i get the ans i'll let u know all
Import substitution advocates replacing foreign imports with local production. It helps in stimulating economic growth: producing product locally might be cheaper as compared to importing them, and also it leads to development of industries which creates jobs for locals.