DPIIT may seek budget measures to buttress import substitution
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓DPIIT may seek budget measures to support 100 products for import substitution.
- ✓This plan aims to fix supply chain gaps in sectors like auto components and machinery.
- ✓"The objective is not merely to substitute imports but also to develop a more resilient domestic industrial ecosystem," an official said on Wednesday.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Financial Express
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
These include the 100 products for import substitution identified after extensive consultations between departments and industry to plug vulnerabilities in supply chains against frequent export restrictions. The exercise was led by the department and the products cover sectors like auto components, chemicals and machinery.
The support measures will likely range from fiscal incentives and assistance for technology acquisition to tariff interventions that protect domestic manufacturers as they build local capacity. The objective is not merely to substitute imports but also to develop a more resilient domestic industrial ecosystem and reduce exposure to disruptions in global supply chains, the official said.
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