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Import Substitution Induatrialization: Indian Emphasis Essay Preview: Import Substitution Induatrialization: Indian Emphasis Report this essay September 28, 2017Apurva ArhatiaLaw and Economic Development Import Substitution Industrialization: Indian SignificanceImport substitution industrialization(ISI) is a trade and economic policy that advocates replacing the foreign goods with domestic production. ISI works by having the state lead economic development through nationalization..