Explain how import substitution can protect domestic industry


Asked by admin @ in Economy viewed by 364 People


Explain how import substitution can protect domestic industry?

Answered by admin @



\Huge{\mathfrak{\green{ANSWER}}}

\LARGE{\mathcal{\red{EXPLAINATION :-}}}

➤ Import substitution is also known as inward looking trade strategy which implies discouraging the imports of those goods that could be produced domestically .

➤ Import substitution strategy not only reduces and economy's dependence on the foreign goods but also pprovides impetus to the domestic firms .

➤ Government provides various financial encouragements, incentives,licences to the domestic producers to produce domestically the import substituted goods .

➤ This would not only allow the domestic producers to sustain but also enables them to grow as they enjoy the protective environment .

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