Question : Which policy aimed at reducing India's dependence on imports and promoting self-reliance?
Option 1: Import Substitution Policy
Option 2: Export Promotion Policy
Option 3: Liberalization Policy
Option 4: Privatization Policy
Correct Answer: Import Substitution Policy
Solution : The correct answer is (a) Import Substitution Policy.
The Import Substitution Policy, also known as the Import Substitution Industrialization (ISI) policy, was pursued by India as part of its industrialization strategy during the post-independence period. This policy was implemented from the 1950s to the 1980s.
The objective of the Import Substitution Policy was to reduce India's reliance on imported goods by promoting domestic production and self-sufficiency. The policy aimed to encourage the establishment of domestic industries that could manufacture goods that were previously imported. The focus was on developing industries that could produce consumer goods, intermediate goods, and capital goods within the country.The Import Substitution Policy was pursued as a means to industrialize the Indian economy and reduce dependence on foreign imports, which were seen as hindrances to economic development and self-reliance.
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