India to build domestic capacity in import-dependent sectors, rare-earth magnets in focus: Shaktikanta Das
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- ✓India is building domestic capacity in import-dependent sectors like rare-earth magnets, Shaktikanta Das said on October 4.
- ✓Speaking at the Kautilya Economic Conclave, he noted, "We have done a lot on domestic capacity where we were largely import dependent." The government also started deepwater exploration to strengthen India’s economic resilience.
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- Category
- BUSINESS
- Reported By
- MoneyControl
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
India is stepping up efforts to build domestic capacity in sectors where it remains heavily dependent on imports, including rare-earth permanent magnets, principal secretary-2 to the prime minister Shaktikanta Das said on October 4, as he stressed that structural reforms would continue alongside efforts to strengthen macroeconomic and financial stability. "We have done a lot on domestic capacity where we were largely import dependent, and in building long-term capacity in areas where we are dependent on imports, like rare-earth permanent magnets," Das said at the Kautilya Economic Conclave.
The push forms part of a broader strategy to strengthen India's resilience against external shocks by reducing vulnerabilities in critical sectors without retreating from global markets.
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