Reimagining independence

India Today | Aug 15, 2020 at 2:45 PM
  • Professor Sachin Chaturvedi, director-general, RIS, believes India needs to diversify imports of such critically sensitive products rather than depend on a single country and start indigenising domestic production through import substitution.
  • In defence, where India is the world’s second-largest importer of equipment, defence minister Rajnath Singh recently announced the gradual import substitution of 101 items worth Rs 3.5 lakh crore over the next five years.
  • In electronics, where imports total over Rs 4 lakh crore, mainly from China, the government has introduced production-linked incentives of 4-6 per cent on incremental sales of goods for five years to encourage foreign companies to set up base in India and give domestic manufacturing a boost.