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Govt sets up task force on ways to reduce import

Press Trust of India  |  New Delhi 

The has set up a high-level task force under the chairmanship of P K to identify various items and policy interventions to reduce dependence on import, an said.

The task force includes secretaries from departments of commerce, industrial policy and promotion, skill development, revenue, defence production, steel, petroleum, and

It would suggest ways to cut import of those items which can be manufactured or explored in the country, the added.

The move assumes significance as is heavily dependent on imports of several items such as oil, electronic hardware, machinery, ingredients for pharmaceuticals, gold and

On an average, India's imports stand at around USD 450 billion per year.

In 2017-18, the inbound shipments grew about 20 per cent to USD 460 billion. imports during the last fiscal rose 25.47 per cent to USD 109.11 billion.

Although increase in imports of intermediates and raw materials reflects boost in economic activities, inbound shipments of final goods impact domestic manufacturers.

Trade experts have raised concerns over high dependence on or APIs from At present, over 60 per cent of APIs are imported from

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

First Published: Thu, July 12 2018. 16:05 IST