Gems, jewellery, mobiles: ‘Want to be exporter, not importer’ in these 10 key sectors, says govt

By: |
Published: June 3, 2020 10:41 AM

Gems and jewellery, and mobile phones and electronics are among the 10 key sectors in which the government wants the industry to become self-reliant in manufacturing and wants India to become an exporter instead of an importer.

India has a natural advantage in these particular sectors and if work is done to strengthen these industries, it will also support India massively. (Image: Reuters)

Gems and jewellery, and mobile phones and electronics are among the 10 key sectors in which the government wants the industry to become self-reliant in manufacturing and wants India to become an exporter instead of an importer. While Prime Minister Narendra Modi on Tuesday asked industry to start taking steps to achieve self-reliance in sectors such as footwear and air conditioners, the government itself has also started the groundwork to make India export oriented rather than importing items which have domestic potential. These items include goods from sectors such as mobiles and electronics, gems and jewellery, capital goods and machinery, pharmaceuticals, textiles and garments, which were already identified by the Department of Promotion for Industry and Internal Trade (DPIIT).

India has a natural advantage in these particular sectors and if work is done to strengthen these industries, it will also support India massively, according to DPIIT Secretary Guruprasad Mohapatra, The Indian Express reported. The government has hence emphasised on improvising the quality of these goods and domestically made products. Not only will this aid in cutting back on “unnecessary” imports, but will also be a step further in making India a self reliant economy, something that PM Modi has been hammering on right from his ‘Make in India’ initiative to the dream of ‘Atmnirbhar Bharat’. Further, it will also help in giving India a strong foothold in the world supply chain.

“A lot of work has to be done. Import dependence has to be reduced to the greatest extent possible and domestic manufacturing has to be ramped up, while export potential in these areas have to be explored,” a senior government official said, the newspaper reported. “This work has already begun. Ministries are looking at bringing more investment and making India a major manufacturing destination for their sectors,” the person added. On Tuesday, PM Modi said that India must cut dependence on imports. He highlighted that India did not use to manufacture PPE kits earlier but the coronavirus pandemic has shown that the country can fulfill its own needs.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Rules of Origin in International Trade:”Spaghetti bowl” to “Kill rules”!
2Maharashtra agriculture department files FIR against 13 companies for poor soybean seeds
3Pandemic Times: Growth starts faltering