"Import substitution" for economic growth

The question of “import substitution” and the role of the private sector industries in the present acute foreign exchange situation were discussed at a meeting between the Planning Commission and the representatives of the Federation of Chambers of Commerce and Industry in New Delhi on August 20. It was emphasised by the Planning Commission that the licensing policy was very much orientated in favour of establishing capacity in industries which directly save foreign exchange. Stress was also laid on stepping up capacity for machine building so that import of capital goods could be reduced within a certain period.

via The Hindu (dated 21 August 1962)

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