Ministry of Industry Response on Import Substitution
Meeting after identifying 102 priority items such as Integrated Circuits, personal computers, insulin injectionsCameras, antibiotics, turbojet jets, lithium-ion accumulators and machinery, are heavily imported and require immediate intervention to have a chance of domestic production.
“The idea is to increase the capacity of these products to expand the domestic capacity of these products and reduce the import bill,” an official said.
These items account for 57.66% of India’s total imports.
In 2020, the Government has focused on 12 priority sectors with the potential to replace imports and promote exports, including food processing, organic agriculture, iron and steel, aluminum and copper, agro-pharmaceuticals, and electronics. , industrial machinery, furniture, footwear, auto parts, textiles and marine products.
In FY22, India’s imports hit a record $611.89 billion.
In a recent analysis of India’s imports, the commerce ministry said that out of the 102 products, 18 can be highlighted which are continuously growing and have a consistent substantial market share over the long term, medium and short term.