In an effort to attract investments, the government will make public data on principal Indian imports and a list of potential export items, as it draws up sector-specific plans for boosting manufacturing capacity, Commerce Minister Piyush Goyal said on Saturday.
The minister on Thursday had chaired a comprehensive meeting with officials from key ministries and industry associations where this data was shared to appraise the industry of the opportunities available through import substitution.
Representatives from capital goods, electronics and chemical industries were present at the meeting. “We identified items where imports take place on a large scale. This includes electronics and chemicals. Sectors where there is a big potential for export,” Goyal said, adding, “We believe that opportunity and demand is what will attract investment.”
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Localization Blueprint
The government is in the process of identifying 100 products that are not being manufactured in India for special focus like addressing technology gaps so their capacities are created locally for domestic and export markets. Another effort of the government is to push for manufacturing of intermediate goods, which form the bulk of India’s imports.
“We are continuously addressing challenges related to increasing self-reliance particularly in areas where our supply chains are critically dependent on certain geographies . We have so many schemes already on the table. We are working on several sectoral proposals to promote investments in certain sectors, which the finance minister has announced in the Budget,” he told reporters.
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Budgetary Backing
Finance Minister Nirmala Sitharaman had listed seven strategic and frontier sectors for scaling up manufacturing in her Budget speech this year, The sectors include biopharma, scaling up semiconductor mission and electronics component manufacturing scheme, rare earth and chemicals.
TOPICSimportThis article was first uploaded on May twenty-three, twenty twenty-six, at forty-one minutes past eleven in the night.