What is a infant industry:
An infant industry is a new or emerging industry in a country that is not yet strong enough to compete with established industries in other countries. These industries often need time and support to grow and become competitive.
Why Should We Protect Infant Industries:
To Allow Growth: New industries may struggle against foreign competitors. Protection gives them time to develop skills, technology, and efficiency.
To Create Jobs: Supporting these industries can boost local employment and reduce reliance on imports.
Diversify the Economy: Encouraging different industries helps reduce dependency on a single sector (like agriculture or oil).
To Build National Strength: Strong domestic industries can lead to economic independence and resilience in global markets.
How Will It Benefit Us?
Long-term Economic Growth: Once mature, these industries can export goods, increasing national income.
Improved Technology and Skills: Learning by doing improves local capabilities.
Stronger Domestic Market: More local production can mean more affordable and varied goods.
Reduced Trade Deficit: Producing locally reduces the need to import, saving foreign currency.
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