​​​
  1. Government sets up task force on ways to reduce import

Government sets up task force on ways to reduce import

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.

By: | New Delhi | Updated: July 12, 2018 4:27 PM
p k sinha, cabinet secretary, india import, india manufacturing, oil import, india shipments  Cabinet Secretary P K Sinha. (IE)

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 a 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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top