Updated By: LatestGKGS Desk
Government constituted task force on ways to reduce import dependence Details Purpose
Government of India constituted task force on ways to reduce import dependence- Details, Aim, Purpose, Background
The Government of India has set up a high-level task force to suggest ways of reducing import dependence.
The high-level task force has been constituted under the chairmanship of Cabinet Secretary P K Sinha to identify various items and policy interventions to reduce dependence on import.
The high-level task force would suggest ways to cut import of those items which can be manufactured or explored in the country.
The move assumes significance as India is heavily dependent on imports of several items such as oil, electronic hardware, machinery, ingredients for pharmaceuticals, gold, and chemicals.
Background & Significance
This initiative holds significance as India is heavily dependent on imports of several items such as oil, machinery, electronic hardware, pharmaceuticals ingredients including (active pharmaceuticals ingredients), gold and chemicals.
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% to US $460 billion.
India’s oil imports during the same fiscal had risen by 25.47% to USD 109.11 billion. Though the increase in imports of intermediates and raw materials reflects a boost in economic activities, but the inbound shipments of final goods impact domestic manufacturers.
Earlier, concerns were raised over high dependence on pharmaceutical ingredients from China by trade experts.
