Import substitution strategy is commonly called _________.

Correct option is D

Import substitution strategy is commonly called an inward-looking trade strategy. This strategy focuses on reducing foreign dependence through domestic production of industrialized products.
Make in India Campaign: Launched by the Government of India to encourage companies to manufacture their products within India and incentivize dedicated investments into manufacturing, this initiative aims to boost job creation, enhance skill development, and build best-in-class manufacturing infrastructure.
Outward Looking Trade Strategy: This approach emphasizes engaging in international trade and reducing trade barriers to integrate with the global economy, encouraging exports and foreign investment to drive economic growth.
Balanced Trade Strategy: A trade policy that aims for a balance between imports and exports to avoid large trade deficits or surpluses, promoting sustainable economic development without accruing excessive external debt.
Inward Looking Trade Strategy: Focuses on reducing dependency on foreign goods and markets by protecting domestic industries from foreign competition through tariffs and trade barriers to foster the local economy and self-reliance.