Concept:Import substitution is a policy aimed at replacing imported goods with locally produced goods.
Explanation:This strategy encourages domestic industries to produce goods that were previously bought from abroad.
It helps reduce dependence on foreign imports.
It also promotes local industrialization and employment.
It does not mean replacing local goods with imported ones.
It is not the same as using local inputs mainly for export.
The main focus is on producing locally the goods that the country once imported.
Answer:Import substitution means the replacement of imported goods with locally produced goods.