Differentiate between Self Reliance and Self Sufficiency.
Download our app for free and get started
Difference between Self reliance and Self Sufficiency can be summarised as below:
- An economy must have enough resources or foreign exchange to purchase all inputs required for production, if they are not available within the country. If it has enough resources to buy these resources it is said to be self-reliant. On the contrary, when a country can produce everything within its domestic territory, it is said to be self-sufficient.
- It is possible to be self-reliant but it is not possible for an economy to be self sufficient.
- Self-sufficiency is also not desirable economically because it may be cheaper and better to buy certain inputs from other countries. For that a country needs foreign exchange. If a country has foreign exchange, it is self-reliant.
Download our appand get started for free
Experience the future of education. Simply download our apps or reach out to us for more information. Let's shape the future of learning together!No signup needed.*
Similar Questions
- 1View SolutionHow was the licensing policy misused by some industrial houses?
- 2View SolutionWhat were the drawbacks of the licensing policy followed by the government before 1991?
- 3View SolutionHow are small scale industries distinguished from large scale industries?
- 4View SolutionWhy do small scale industries need protection by the government?
- 5View SolutionWhat is import substitution policy? Why it was introduced in India?
- 6View SolutionHow did government ensure that the small farmers also benefit from the Green Revolution as the rich farmers?
- 7View SolutionWhy is P.C. Mahalanobis known as the architect of Indian planning?
- 8View SolutionExplain 'Modernisation as aim of five-year plans.
- 9View SolutionGive the benefits of international trade.
- 10View SolutionDo you think there is any contradiction between growth and self-reliance and growth and employment generation?