Reducing Import Dependence: India Finalising List Of Countries to Replace China In Supplying Critical Components

Reducing Import Dependence: India Finalising List Of Countries to Replace China In Supplying Critical ComponentsThe decision to raise import tariffs has come under a lot of criticism. (GettyImages)

In a move aimed at reducing the import dependence on China, the Modi government is finalising plan to identify a list of countries which can act as suppliers of critical components that India does not have the capability to manufacture on its own currently, reports Times Now.

As per the report, the Department of Industry and Promotion of International Trade (DPIIT), under the Ministry of Commerce, is working to draw up a list of low-quality imports from China which can be imported from other countries or manufactured locally.

After finalising the list, the union government will reach out to these countries to enable easy access to these products in the Indian market.

It should be noted that after the recent India-China face-off and bloody confrontation in the Galwan valley, there has been huge demands to boycott Chinese goods. However, government is also well aware that dependence on cheap Chinese imports cannot be done away with overnight and hence is looking at alternative markets such as South Korea, Japan, Taiwan for imports of certain products.

The aim is to pursue a calibrated policy to substitute Chinese imports with those from other markets, at the same time ramping up the domestic manufacturing capabilities.