Self-reliance in manufacturing stumbles on massive import dependence

The government has its work cut out as far as building self-reliance in the manufacturing sector goes. Key chunks of India’s manufacturing exports remain heavily dependent on goods and material sourced from abroad and increasingly spend more on financing these inputs.

During 2018-19, foreign exchange spending (mostly used to finance the purchase of capital goods necessary to manufacturing) stood at 25.5 per cent of total sales. ALSO READ: Manufacturing share in India’s GVA down to 15.1% in FY20: Exim Bank study According to the Bank, analysis by end-use …