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Import Substitution

The trade and...

Question

The trade and economic policy of replacing foreign imports with domestic production is called ___ industrialisation.

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Solution

This policy is referred to as "import substitution industrialisation".

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Q. Q. Consider the following pairs with respect to Liberalization, privatization and globalization (LPG) reforms introduced by New Economic Policy 1991:

Policy	Associated Measures
1. Liberalization	A domestic company hiring regular service from a foreign company
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Q. Q. Consider the following pairs concerning Liberalization, privatization and globalization (LPG) reforms introduced by New Economic Policy 1991:

Policy	Associated Measures
1. Liberalization	A domestic company hiring regular service from a foreign company
2. Privatization	Outright sale of public sector companies
3. Globalization	Raising of investment limit in banks

Which of the above pairs is/are correctly matched?

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