Subject: Economy Context: Promoting self-reliance in sectors such as electronics, defence equipment, pharmaceuticals, among others, can lead to import substitution of over USD 186 billion for the country, says a study by Export and Import Bank of India (Exim Bank). Concept: Government strategy that emphasizes replacement of some agricultural or industrial imports to encourage local […]

Subject: Economy Context: Indian government has identified 12 priority sectors with potential for import substitution and boosting exports. Concept: Identified sectors: Food processing, organic farming, iron & steel, aluminium& copper, agrochemicals, electronics, industrial machinery, furniture, leather & footwear, auto parts, textiles and marine products. Import substitution The policy of encouraging domestic production by raising barriers […]