Such items whose substitute we can make in the country ( From India’s recent import Data )
1- Electronic ( Import cost – $32 billion )
2- Heavy Machinery ( Import cost – $31 billion )
3- Oil ( Import cost – $177.5 billion )
If India increases the manufacturing of the above-mentioned item by manufacturing in India, then millions of jobs can be created in India.
How can we make import substitutes by encouraging domestic manufacturing?
- Promote Electronic Manufacturing – According to new figures, imports of electronic equipment in India amount to $32 billion. That is why there is a need to promote electronic manufacturing in India so that millions of jobs can be created in the country. To promote electronic manufacturing, the Government of India recently launched the PLI scheme, so that our imports are reduced and millions of people get jobs.
- Focus on Labour Intensive Industries – The industries which require more labor to manufacture the product, they are called labor-intensive industries. Examples – Textile, Garment, Leather, Footwear, Food Processing, Gems, and Jewellery.
If the government encourages by imposing more duty on imports and giving some tax exemption to labor-intensive industries, then this will create a lot of jobs in the country.
- Promote Renewable Sources of Energy – Today, the world’s biggest need is energy, according to new figures, India spends $177.5 billion on oil, which is the largest part of our imports, if solar energy electric vehicle is promoted, it will also increase employment and this will also reduce the import bill.