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Published on 12/07/2018 5:10:07 PM | Source: Dion Global Solutions Ltd.

Government sets up task force on ways to reduce import

Posted in Industry News| #Import Exports #Industry #Government

The government has set up a high-level task force under the chairmanship of Cabinet Secretary P K Sinha to identify various items and policy interventions to reduce dependence on import, an official said. The task force includes secretaries from departments of commerce, industrial policy and promotion, skill development, revenue, defence production, steel, petroleum, electronics and telecommunications. It would suggest ways to cut import of those items which can be manufactured or explored in the country, the official added. The move assumes significance as India is heavily dependent on imports of several items such as oil, electronic hardware, machinery, ingredients for pharmaceuticals, gold and chemicals.

On an average, India's imports stand at around USD 450 billion per year. In 2017-18, the inbound shipments grew about 20 per cent to USD 460 billion. Oil imports during the last fiscal rose 25.47 per cent to USD 109.11 billion. Although increase in imports of intermediates and raw materials reflects boost in economic activities, inbound shipments of final goods impact domestic manufacturers. Trade experts have raised concerns over high dependence on pharmaceutical ingredients or APIs from China. At present, over 60 per cent of APIs are imported from China.