Import: Ministry to meet industry on import substitution

The commerce and industry ministry is likely to discuss with exporters and industry representatives next week import substitution of 100-odd products whose imports are high and have a significant share in the country’s overall inbound shipments. The meeting is likely on May 10, according to sources.
The meeting follows the identification of 102 priority items such as integrated circuits, personal computers, insulin injections, cameras, antibiotics, turbo-jets, lithium-ion accumulators and machines, whose imports are high and need immediate interventions for domestic production opportunities.
“The idea is to deliberate ways to enhance the domestic capacity expansion of these products and reduce the import bill,” said an official.

These comprise 57.66% of India’s total imports.
The government had in 2020 zeroed in on 12 priority sectors with potential for import substitution and boosting exports including food processing, organic farming, iron & steel, aluminium & copper, agrochem, electronics, industrial machinery, furniture, leather & footwear, auto parts, textiles and marine products.
In FY22, India’s imports were a record $611.89 billion.
In a recent analysis of India’s imports, the commerce department said that of the 102 products, emphasis may be given to 18 items which have been consistently growing and have a significant share consistently across the long, medium and short terms.
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