Home Stock list Aims to reduce imports, the Ministry of Commerce shares the list of...

Aims to reduce imports, the Ministry of Commerce shares the list of items with the ministries

8
0

The Ministry of Commerce shared a list of 102 products with high and steadily increasing imports, such as coking coal, some machinery, some chemicals and digital cameras, to different ministries to seek ways to improve their national capacity with the aim of reducing imports, an official said.

As part of an exercise to reduce the country’s import bill, the ministry has undertaken a detailed analysis of these 102 products to improve opportunities for domestic production of these items.

According to the analysis, imports of these goods either increased steadily or held high import shares in the long, medium and short term.

The cumulative share of these items is 57.66% in total imports during the period March-August 2021.

“These products have opportunities for domestic production,” the official said, adding that the trade ministry had suggested different product departments and ministries that show strong import growth and could be prioritized for immediate interventions to increase production. local.

Out of 102, 18 products have both high share and high import growth rates. These include gold, crude palm oil, integrated circuits, personal computers, urea, stainless steel scrap, refined copper, cameras, transmission machinery. voices and images, sunflower oil and phosphoric acid.

The main objective of identification is to reduce their dependence on imports, as their imports are steadily increasing and represent a significant share of the value of imports.

“As the data indicated that these items were consistently requested for import at all times, it is the supply rigidities in the domestic economy that need to be corrected,” the official added.

Ministries and departments with which the list has been shared include industry, IT and electronics, mining, heavy industry, pharmaceuticals, steel, petroleum and natural gas, fertilizers, telecommunications, shipping, food processing and textiles.

India’s merchandise imports in April-October 2021 amounted to USD 331.29 billion, an increase of 78.71% from USD 185.38 billion in April-October 2020 and USD 286.07 billion in April-October 2019, according to preliminary government data.

(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor


Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here