The commerce ministry has made a case for encouraging domestic manufacturing of 102 items like chemicals, electronic products and insulin injection as their share in the country’s total imports are high.
According to an analysis of imports by the ministry, the 102 items are in huge demand in he country and are imported because domestic supplies are not adequate.
“Based on the study results, it is suggested that items showing high growth and/or high share i.e. a total of 102 items with share of 57.66 per cent in total import may be prioritised for immediate interventions for domestic production opportunities,” the report said.
It has recommended that industry associations, manufacturers and business leaders may consider exploring domestic capacity expansion in these items with a view to meet the domestic demand, which in turn will fuel economic growth and create employment opportunities.
The study was conducted to identify items which are consistently being imported, and have significant share in value of imports. The objective is to enhance their domestic production capacity and reduce import dependence.
As many as 88 items such as gold, natural gas, crude palm oil, integrated circuits, parts of telephonic/telegraphic apparatus and personal computer have shown increase in imports in the short, medium and long run.
India’s imports have touched USD 611.89 billion in 2021-22 as against USD 394.44 billion in 2020-21.