The Ministry of Commerce has made a case for encouraging the domestic production of 102 items such as chemicals, electronic products and insulin injection as their share of the country’s total imports is high.
According to an analysis of imports by the ministry, the 102 items in the country are in huge demand and are imported because domestic supplies are not sufficient.
“Based on the survey results, it is suggested that high-growth and/or high-share items, i.e. a total of 102 items with a 57.66 percent share of total imports, may be prioritized for immediate interventions for domestic production opportunities.” the report said. †
It recommended that industry associations, manufacturers and business leaders should consider exploring domestic capacity expansion for these products to meet domestic demand, which in turn will boost economic growth and create jobs.
The study was conducted to identify items that are consistently imported and have a significant share of the value of the imports. The aim is to increase their domestic production capacity and reduce import dependency.
As many as 88 items such as gold, natural gas, crude palm oil, integrated circuits, telephone/telegraphic equipment parts and personal computers have seen imports increase in the short, medium and long term.
Imports from India reached USD 611.89 billion in 2021-22, up from USD 394.44 billion in 2020-21.