New Delhi, Nov. 9 -- The government is likely to extend support measures in the forthcoming Budget to boost domestic manufacturing of 100 products, including intermediates and capital goods across sectors, an official said.
The DPIIT has completed an exercise to identify 100 such products, for which India is heavily dependent on imports. These goods may include items from sectors such as auto components, chemicals, and machinery.
The official said that the identification exercise was completed after comprehensive consultations with various ministries and the private sector.
"The move is aimed at strengthening domestic manufacturing and reducing import dependence. These products are either not getting manufactured in India as of now or are not being manufactured sufficiently at the moment. The objective is to expand manufacturing for both domestic and global markets," the official added.
The ministry would share these details with the finance ministry as part of its FY28 Budget recommendations.
Support measures could include fiscal and non-fiscal measures, R&D support, trade and tariff measures, and strengthening of testing and certification infrastructure.
The Union Budget 2027-28 is likely to be presented on February 1, next year.
As per the commerce ministry data, India's chemicals imports rose by 10.5 per cent to $16.1 billion during April-September FY27.
The inbound shipments of dyeing/tanning/colouring materials were up by about 30 per cent to $2.7 billion in the same period. Similarly, imports of machinery (electrical and non-electrical) and transport equipment grew by 15.5 per cent and 9.21 per cent to $34.1 billion and $18.21 billion, respectively, in the first half of this fiscal.
Published by HT Digital Content Services with permission from Millennium Post.