Self-sufficiency in selected regions will save 6 186 billion

Self-sufficiency in electronics, defense equipment, pharmaceuticals and other sectors will prevent দেশে 186 billion in imports. This has been said in a survey conducted by Export-Import Bank of India (Exim Bank). Entitled ‘Sustainable India: Strategic Areas with Vision and Focus’, the survey report covers the import, substitution and other sectors identified for domestic production, in addition to the machinery, chemical and allied sectors.

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The study also covers auto parts and iron and steel sectors. Although there is a trade surplus in these regions, there is a trade deficit in some sectors, especially in China. It also contains rare minerals. These strategically important minerals are important to take the country on the path of high technology production. “These regions account for দেশে 186 billion in imports, accounting for 39 percent of total imports and 50 percent of non-oil imports,” it said.

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In Exim Bank’s webinar (seminar organized through internet) Additional Secretary in the Department of Economic Affairs under the Ministry of Finance K. Rajaraman published the survey. According to the survey, the recent performance of the manufacturing sector in the country indicates inertia. Despite strong demand in the country and growing demand for private consumption, the share of manufacturing sector in the country’s total value added decreased to 15.1 per cent in 2010-11 from 16.4 per cent in 2010-11. This weakness has led to increased dependence on imports to meet growing domestic demand. The study suggests sector-centric strategies to reduce dependence on imports.

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