102 high import value products identified to push for manufacturing indigenously

New Delhi, 11 Nov (KNN) According to an official’s statement to the Business Standard, the Ministry of Commerce and Industry is aiming to reduce import, and has sent a list of approximately 102 products whose imports have high rate and are increasing at a rapid pave such as coking coal, particularly machinery to various ministries.

A detailed analysis of all these 102 products will be carried by the ministry which will help in boosting domestic production opportunities of those items.

As per the analysis, there has been a consistent increase in import of these goods.

The cumulative share of these items is 57.66 per cent in total import during the March-August 2021 period.

Hence the ministry has contacted ministries and departments that are showing high import growth  and have suggested them to prioritise immediate interventions to increase local production.

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, machines for transmission of voices and images, sunflower seed oil, and phosphoric acid.

The list has been shared with Government Ministries pertaining to industries such as IT and electronics, mines, heavy industry, pharmaceuticals, steel, oil and natural gas, fertiliser, telecommunication, shipping, food processing, and textiles.

India's merchandise imports in April-October 2021 was USD 331.29 billion, an increase of 78.71 per cent over USD 185.38 billion in April-October 2020 and USD 286.07 billion in April-October 2019, according to preliminary data of the government.