Ministry to meet industry on import substitution

The commerce and industry ministry is likely to discuss import substitution of 100-odd products with exporters and industry representatives next week, which have high imports and account for a significant share of the country’s total inbound shipments. According to sources, the meeting is likely to be held on May 10.

The meeting identified 102 priority items such as integrated circuits, personal computers, insulin injections, cameras, antibiotics, turbo-jets, lithium-ion accumulators and machines, which have high imports and require immediate intervention for domestic production opportunities. Is.

“The idea is to deliberate on ways to expand the domestic capacity of these products and reduce the import bill,” an official said.

These comprise 57.66% of India’s total imports.

In 2020, the government has identified 12 priority sectors with the potential to boost import substitution and exports, including food processing, organic farming, iron and steel, aluminum and copper, agrochemicals, electronics, industrial machinery, furniture, leather and footwear, auto parts. was set to zero. Textile and marine products.

In FY22, India’s imports stood at a record $611.89 billion.

In a recent analysis of India’s imports, the Commerce Department said that out of 102 products, the emphasis can be on 18 items that are growing steadily and hold a significant share in the long, medium and short term.

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