Explain how import substitution can protect domestic industry

Asked by admin @ 26/08/2021 in Economy viewed by 384 People

Explain how import substitution can protect domestic industry?

Answered by admin @ 26/08/2021

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➤ Import substitution is also known as inward looking trade strategy which implies discouraging the imports of those goods that could be produced domestically .

➤ Import substitution strategy not only reduces and economy's dependence on the foreign goods but also pprovides impetus to the domestic firms .

➤ Government provides various financial encouragements, incentives,licences to the domestic producers to produce domestically the import substituted goods .

➤ This would not only allow the domestic producers to sustain but also enables them to grow as they enjoy the protective environment .

Why does the federal government impose tariffs? because tariffs are designed to attract better products because tariffs are designed to protect domestic goods because tariffs are designed to protect imported goods because tariffs are designed to attract safer products

Asked by maham237 @ 13/01/2021 in History viewed by 336 persons

Explain how import substitution can protect domestic industry

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