India must double down on ramping up domestic capacity in at least 15 of its largest import items apart from petroleum and crude oil, including electronics, coal, iron-steel and non-ferrous metals and vegetable oils to effectively achieve the objective of ‘Atma Nirbhar Bharat’ in the medium term of two to three years, according to a trade chamber analysis.
The analysis by the Associated Chamber of Commerce and Industry in India (ASSOCHAM) shows electronics goods are the largest non-oil import items. Despite the country being under partial lockdown, India imported electronic goods worth $2.8 billion in May.India must double down on ramping up domestic capacity in at least 15 of its largest import items apart from petroleum and crude oil, including electronics, coal, iron-steel and non-ferrous metals and vegetable oils to effectively achieve the objective of 'Atma Nirbhar Bharat' in the medium term of two to three years, according to a trade chamber analysis.#
Chamber secretary general Deepak Sood said the recent MEITY scheme of production-linked incentives and encouraging champions can be a game-changer if pursued vigorously. Both domestic and FDI should be encouraged in the endeavour, he said.
Other major items of large imports include: pharmaceuticals intermediates, textile yarn, made-up, fertilisers, wood and wood products, transport equipment, machine tools, electrical and non-electrical machinery. “The country is capable of becoming self-reliant in all these sectors in the next few years,” the ASSOCHAM paper said.
“It is an ironic situation that we import so much coal when India has coal reserves, amongst the largest in the world.” However, the recent major reform of allowing commercial mining in the private sector should help reverse the situation and take the country towards ‘Atma Nirbhar Bharat’, it said.
The entire metal pack -iron and steel, non-ferrous account for a monthly imports of around $3 billion and can be substantially reduced, leveraging domestic capacity and coming harsh on dumping.
A similar scenario can be seen in chemicals, artificial resins and plastics all accounting for an average monthly imports of about $3.5 billion.
Fibre2Fashion News Desk (DS)
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