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Import Substitution

India was aiming to be self-reliant in many spheres during the second and third Five Year Plan period. Some of the problems then were obtaining foreign exchange and also importing heavy machinery that were required for a strong industrial base. During that time, public sector enterprises involved in heavy engineering which would help in import substitution were established. At the same time, many public sector enterprises like STC and MMTC have played a vital role in the expansion of exports of the country.

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