Commerce Ministry makes case for encouraging domestic manufacturing of 102 items to cut imports

The commerce ministry has made a case for encouraging domestic manufacturing of 102 items as their share in the country's total imports is high. The items include chemicals, electronic products, and insulin injection, as per PTI report.

The 102 items, according to a ministry analysis of imports, are in high demand in the country and are imported because domestic supply is insufficient.

"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.

According to PTI, it has been suggested that industry associations, manufacturers, and business leaders look into expanding domestic capacity in these sectors in order to meet domestic demand, which will help to fuel economic growth and create employment.

The purpose of the study was to identify items that are consistently imported and account for a considerable portion of total import value. The goal is to increase domestic production capacity while reducing reliance on imports.

In the short, medium, and long term, imports of 88 goods such as gold, natural gas, crude palm oil, integrated circuits, parts of telephonic/telegraphic apparatus, and personal computers have increased, said PTI.

In 2021-22, India's imports reached USD 611.89 billion, up from USD 394.44 billion in 2020-21.

(With PTI inputs)