Question : Import substitution strategy is commonly called _____.
Option 1: make in India campaign
Option 2: outward-looking trade strategy
Option 3: balanced trade strategy
Option 4: inward-looking trade strategy
Correct Answer: inward-looking trade strategy
Solution : The correct option is an inward-looking trade strategy.
Inward-looking trade strategy, also known as import substitution industrialisation (ISI), is an economic approach where a country emphasises the domestic production of goods and services to reduce reliance on imports. Governments often impose high tariffs and trade barriers to protect domestic industries from foreign competition.
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