Modi orders ministries to identify goods for local production, aims to reduce import dependence

Prime Minister Narendra Modi ordered key ministries to identify goods with high import dependence and replace them with locally made products. The Ministry of Commerce is preparing a list of over 100 products, including electronics and chemicals, for increased domestic production. Subsidies are being considered to boost manufacturing. On Wednesday, the cabinet approved financial support worth $19.7 billion for chip and smartphone production. Discussions aim to reduce India's trade deficit and foreign exchange dependence, especially from China. The move follows geopolitical risks and energy shortages linked to the Iran war, pushing India towards self-reliance in manufacturing.