Introduction

India's import bill is significant, reaching over $675 billion (around ₹55 lakh crore) between April 2023 and March 2024. This white paper talks about targeting this import demand to create a program, which will target and build domestic manufacturing capacity and substitute the import with an alternative domestically manufactured product. While doing this, the program also benefit Manufacturing SMEs and startups, help with Job Creation in the domestic manufacturing industry and capacity and capability building of domestic manufacturing industry.

If implemented correctly, the program will not only help with domestic capacity building and reducing trade imbalance, but also will pave a way for a stronger export sector and create jobs in record numbers.

What is this Program Suggesting?

There's an opportunity to shift the production of many imported goods, like toys, machine parts, electronics and home appliances, to domestic manufacturers in India. The domestic manufacturing sector already has the expertise and technical knowhow to manufacture these products. The substantial amount of import orders prove that there is a strong market present to support local production.

To capitalise on this potential, we need a dependable and streamlined system to connect import demand side with capable domestic manufacturers - supply side. This shift would not only strengthen our domestic manufacturing sector but also potentially lead to lower prices for consumers. Let's delve deeper into the specifics of this solution.