P K Sinha Committee

Committee is formed to identify various items and policy interventions to reduce dependence on imports.
 
Details:
  • It will suggest ways to cut import of those items which can be manufactured or explored in the country.
  • The move holds significance as India is heavily dependent on imports of several items such as oil, machinery, electronic hardware, pharmaceuticals ingredients including (active pharmaceuticals ingredients), gold and chemicals.
  • On an average, India’s imports stand at around US $450 billion per year. In financial year 2017-18, the inbound shipments grew about 20% to US $460 billion.
  • India’s oil imports during same fiscal had risen by 25.47% to US $109.11 billion.
  • Though increase in imports of intermediates and raw materials reflects boost in economic activities, but the inbound shipments of final goods impact domestic manufacturers.
  • Earlier, concerns were raised over high dependence on pharmaceutical ingredients from China by trade experts.