The Industrial policy closely related to the trade Policy which aimed at replacing imports with domestic production is known as :
The Industrial policy closely related to the trade Policy which aimed at replacing imports with domestic production is known as :
Solution
✅ Correct Option: 1
Import Substitution is the policy of replacing imported goods with domestically produced ones. India followed this strategy in its early Five Year Plans to protect domestic industries from foreign competition through tariffs and quotas, and to achieve self-reliance.