Government Plans To Boost Up Electronic Manufacturing To Reduce Import Bill: Report
- The government is trying to get more chip makers to manufacture locally
- Cutting down import bill is necessary as the economy is going through a slowdown and it will not be easy to increase exports
According to a report by the New Indian Express, the government plans to increase electronic manufacturing by attracting global players, go for local production of defence equipment, chemicals used in pharmaceuticals manufacturing and specialised steels to reduce the import bill.
The report says that the top commerce ministry officials said that in preliminary discussions, the government has identified these as major items which should be made to increase production to cut down on import bill as the economy is going through a slowdown and it will not be easy to increase exports.
Consultation with other ministries
As per the report, the ministry is acting in consultation with other ministries and has identified goods like electronics including mobile phones and their parts, defence equipment, specialised steels, chemicals required for pharmaceuticals manufacturing, gold, coal and natural gas where production can be boosted or indigenised.
The report also said that officials said that the government is trying to attract the top electronics manufacturers to set up base in the country and also get more chip makers to manufacture locally instead of importing chips from Taiwan, China and Korea.