Industry exhibits willingness to hitch ‘Atmanirbhar Bharat’ slogan, shift dependence on China

Tribune News Service

New Delhi, July 19

An business survey has proven that a number of sectors are prepared to hitch the ‘Atmanirbhar Bharat’ slogan that envisages merchandise imported from overseas are domestically manufactured and exported.

After the Prime Minister’s exhortation on June 11 to the business to deal with indigenous manufacturing and the Galwan Valley conflict on June 15, which soured commerce ties with China, sure sectors similar to automotive, textiles equipment and leather-based are different sources of inputs and uncooked supplies, reads a FICCI survey launched on Sunday.

Around half of the respondents from the automotive sector, which was the worst hit within the April-June quarter, indicated they’re planning to “reduce dependence on one country”.

Over 1 / 4 of this sector’s imports, estimated at Rs 30,000 crore, come from China.

The willingness to shift is more likely to be increased as soon as the federal government completes the train of curbing imports of 1,173 non-essential merchandise from China similar to toys, plastics, electronics and auto elements for car manufacturing. So far, two-thirds of respondents from electronics and electricals are unwilling to alter their enter sourcing methods. Imports by this section from China common Rs. 90,000 crore yearly.

But half of the respondents from the leather-based and textile sectors had been getting ready to alter their uncooked materials import technique. These sectors had been among the many worst hit within the April-June quarter and instant prospects of revival look bleak, stated the survey. Footwear and leather-based imports are estimated at Rs 5,000 crore yearly.

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