Import Substitution Industrialization

Import Substitution Industrialization,

Import Substitution Industrialization:

  • Import Substitution Industrialization refers to Import substation industrialization (ISI) is an economic theory that is generally adopted by developing countries or developing countries to reduce their dependence on developed countries. The approach aims to protect newly established domestic industries and to fully develop these sectors so that manufactured goods can compete with imported industries. According to ISI, this process makes the local economy and the country self-sufficient.

    • Import substitution industrialization is an economic theory adopted by developing countries that want to reduce their dependence on developed countries.
    • The ISI aims to protect newly formed national industries and to fully develop these sectors, so that manufactured goods can compete with imported industries.
    • In the 1980s and 1990s, developing countries began to reject ISI policies.

Literal Meanings of Import Substitution Industrialization

Import:

Meanings of Import:
  1. Bring (goods or services) from abroad to a country for sale.

  2. Show or mean.

  3. Goods, goods or services imported for sale from abroad.

  4. The meaning or significance of something, especially when it is not directly stated.

Sentences of Import
  1. Japan refrains from importing more cars

  2. Cheap imports from Eastern Europe

  3. The scope of your message is clear

Synonyms of Import

source from abroad, imported commodity, bring in, meaning, gist, sum and substance, thrust, purport, ship in, bring from abroad, message, spirit, drift, non-domestic commodity, implication, substance, sense, buy from abroad, point, burden, essence, tenor, buy in, foreign commodity

Substitution:

Meanings of Substitution:
  1. The act of replacing someone else with someone else.

Sentences of Substitution
  1. Tactical change

Synonyms of Substitution

interchange, exchange, change

Industrialization:

Meanings of Industrialization:
  1. Large-scale industrial development in a country or region.

Sentences of Industrialization
  1. These developing countries are experiencing rapid industrialization