Explain the policy of import substituting industrialization (ISI) in I

Question

Explain the policy of import substituting industrialization (ISI) in India. How did it weaken India’s competitive potential?

02 Aug 2023

Answer :

Word Count : 665

Import Substituting Industrialization (ISI) was an economic policy pursued by India after gaining independence in 1947. The main objective of ISI was to reduce the country's dependence on imports and promote domestic industrialization to achieve self-sufficiency in various sectors. ISI aimed to replace foreign goods with domestically produced goods to strengthen the Indian economy and reduce outflows of foreign exchange.

Under ISI, the Indian government implemented a series of measures to protect and promote domestic industries:

1. Tariffs and Import Restrictions: High tariffs were imposed on imported goods to make them more expensive compared to locally produced goods. Import restrictions and licensing were also enforced to control the entry of foreign goods into the domestic market.

2. Subsidies and Incentives: The government provided financial incentives and subsidies to domestic industries to encourage their ________ _____ ________ _____ ________ ___ ___ _____ ___ _____ _______ ___.
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