Import substitution aims at?

Import substitution aims at substituting imports with domestically produced goods. This is done by promoting and protecting local industries, and by reducing or eliminating the reliance on imported goods. The goal is to reduce the country's dependence on foreign products and to promote domestic industries by encouraging them to produce goods that were previously imported. This is achieved through government policies such as tariffs, subsidies, and regulations that protect local industries from foreign competition. The aim of import substitution is to improve the balance of payments, reduce foreign exchange expenditure, and promote economic self-sufficiency. By reducing imports and promoting domestic production, import substitution aims to create a more balanced economy that is less vulnerable to external shocks and fluctuations in global markets.