The Union Government on July 12, 2018 constituted a high-level task force under the Chairmanship of Cabinet Secretary PK Sinha to identify various items and policy interventions to reduce dependence on imports.
The task force includes secretaries from Departments of Commerce, Industrial Policy and Promotion, Skill Development, Revenue, Defence Production, Steel, Petroleum, Electronics and Telecommunications.
It task force would suggest ways to cut import of those items which can be manufactured or explored in the country
The move holds significance as India is heavily dependent on imports of several items such as oil, electronic hardware, machinery, ingredients for pharmaceuticals, gold and chemicals.
Rise in Imports
On an average, India's imports stand at around USD 450 billion per year. In financial year 2017-18, the inbound shipments grew about 20 percent to USD 460 billion. Oil imports during the same fiscal rose by 25.47 percent to USD 109.11 billion.
Although the increase in imports of intermediates and raw materials reflects a boost in economic activities, inbound shipments of final goods impact the domestic manufacturers.
Earlier, the trade experts have raised concerns over high dependence on pharmaceutical ingredients from China.
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