India needs to create globally competitive domestic capacities in select product groups with an eye on exports
Does India need to look at its imports more closely? India follows an open trade policy where most products can be imported without any licence on payment of duty. Imports make the Indian economy efficient and vibrant. However, like all good things, imports also come with caveats.
Substandard imports can affect the health of the people while subsidised imports harm the domestic industry. Also, over-reliance on a country for any product could compromise the health of the people, the economy or even national security. So countries follow an active product level import regulation policy.
A fact-check on India’s imports will help identify sectors that need a more in-depth look. For ease of understanding, I have placed India’s imports into five groups. These cover 95 per cent of the $465 billion imports made in the last financial year (FY18). Read More
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