ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Industrial Development Issues and Policy Options

Industrial Development: Issues and Policy Options N S Siddharthan One set of economists attribute the tow growth rates of South Asia, and India in particular, to the strategy of import substitution that these economies followed in contrast to what these economists call the export-led growth strategy that the East Asian countries have followed. Thus countries like Japan and South Korea are supposed to have followed export-led growth while India followed an import substitution policy; while the former regimes liberalised externally, the Indian regime was very restrictive in the domestic as well as in the foreign sectors.

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