A deliberate effort to replace major consumer imports by promoting the emergence and expansion of domestic industries such as textile, shoes etc ?
Correct answer: A. Import substitution
- A. Import substitution
- B. Export substitution
- C. Autarchy
- D. Industrialization
Explanation
Import substitution is a policy of replacing imported consumer goods with domestically produced goods by encouraging local industries. Autarchy implies near-complete self-sufficiency and is broader than this industrial policy.
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