Import substitution implies

Import substitution is an economic strategy focused on replacing foreign imports with domestically produced goods [t1][t3]. The primary objective is to reduce a country's dependence on foreign suppliers and foster a self-sufficient economy [t1][t2]. This policy was widely adopted by developing nations in the mid-20th century to promote industrialization and protect infant industries from international competition [t5][t9]. While it involves mechanisms like import restrictions, tariffs, and quotas to make domestic goods more competitive [t1][t5], the core definition lies in the replacement of imported items with domestic production [t1][t4]. By producing goods locally that were previously imported, a nation aims to save foreign exchange and build a robust internal industrial base [t2][t4]. Although often associated with protectionism, the fundamental concept is the substitution of foreign products with local alternatives to achieve economic independence [t1][t8].