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Which of the following statement is not true about the need for import substitution for Indian economy? -

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Question

Which of the following statement is not true about the need for import substitution for Indian economy?

Options

  • Unfavourable balance of trade.

  • Devaluation of rupee. 

  • Abundance of foreign aid. 

  • Shortage of essential commodities.

MCQ

Solution

Abundance of foreign aid. 

Explanation:

Import substitution industrialization (ISI) is a trade and economic policy that proposes substituting home output for international imports in order to protect domestic industry. As a result, no external help was required.

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Trade Policy: Import Substitution
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