SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Instead of exporting vehicles made in india to foreign countries, industries would be encouraged to import them.
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Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.
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Either A or B
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None of the above
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Detailed explanation-1: -Import substitution is an economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products.
Detailed explanation-2: -Import substitution generally refers to a policy that eliminates the importation of the commodity and allows for its production in the domestic market. The objective of this policy is to bring about structural changes within the economy.
Detailed explanation-3: -Explanation India adopted import substitution policy during the first seven Five-year plans precisely to protect domestic industries. This statement is correct. Import substitution was to substitute the imports of our economy with domestic production.