India should focus on 15 import items to achieve self-reliance: Assocham

NEW DELHI: Industry body Assocham has identified 15

large import items for ramping up the country’s domestic capacity to achieve the objective of Aatmanirbhar Bharat or self-reliant India in 2-3 years. These items include electronics, coal, iron-steel, nonferrous metals and vegetable oils, among others. Analysis, based on the latest data, shows that the electronics are the largest non-oil import segment. Despite the country being under partial lockdown, India imported electronic goods worth $2.8 billion only in May, 2020. “In the circumstance of the industry operating in a normal way, these imports are near about & 5 billion a month - a huge drain on the forex which needs to be curtailed,” Assocham said.

The chamber’s Secretary General Deepak Sood said the Ministry of Electronics and Information Technology’s recent scheme of production - linked incentives and encouraging champions can be a game-changer if pursued vigorously. Both domestic and foreign direct investment should be encouraged in the endeavour.

The Production Linked Incentive Scheme (PLI) for Large Scale Electronics offers incentives to boost domestic manufacturing and attract large investments in mobile phone production and specified electronic components, including assembly, testing, marking and packaging (ATMP) units.

The items of non-oil, nongold imports with significant foreign exchange drain identified by the chamber include electronic goods, electrical and non-electrical machinery, iron and steel, inorganic and organic chemicals, coalcoke & briquettes, and nonferrous metals, artificial resins & plastic, transport equipment, medicinal and pharmaceuticals.