Import Substitution Atmanirbharta ki Aur Essay
It is a trade policy aimed to promote economic growth by restricting imports that competing with domestic products in developing countries.
It is the idea that blocking imports of manufactured goods can help an economy by increasing the demand for domestically produced goods.
The policy of encouraging domestic production by raising barriers against the import of goods from foreign economies. It is usually recommended by some economists as a way to encourage self-sufficiency, and also to aid the development of local industries.
It was most popular in Latin America in the 20th century, and India too adopted it prior to the liberalisation of its economy in 1991. Critics have argued that protectionist measures like import substitution make consumers poorer in the long run, By preventing them from enjoying the benefits of free trade.
Advantage
a) Protect domestic market.
b) Protect local culture & social habits.
c) Protect our natural resources.
d) Protect the economy from the bad influence of MNC's
Disadvantages
a) less competition.
b) less technological advancement.
c) Un utilisation of resources.
Also read: Azadi & Export Promotion essay
Also read: Azadi ka Amrit Mahotsav essay
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