India presently has more than a quarter trillion dollars of essential imports. These include crude oil, coal, edible unrefined oil, fertilizer, steel and copper. This list does not include defence or pharmaceutical intermediates, which could also be called essential. Domestic production capacity for all these is unlikely to become ‘atma nirbhar’ in the near future, even as demand will grow as India chugs at a 7% or 8% growth rate.
These critical imports feed India’s energy and food needs (edible oils) as well as downstream industries such as automobiles and electronics. Imported pharmaceutical ingredients and special minerals are needed for healthcare and the renewable revolution. To pay for all these crucial imports in dollars, we need to earn enough foreign exchange consistently for the next decade. Which are our reliable dollar earners? The two strong dependable export items that have grown steadily are inward remittances (clocking $129 billion this year, the highest in the world) and software services (exceeding $200 billion).
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The Abu Dhabi fund helping bankroll Trump's $100 billion AI plan
MGX has backed OpenAI, while also teaming up with BlackRock and Microsoft on a $30 billion plan
RBI Likely to Transfer Another Bumper Payout
The central bank will likely make another windfall payout to the government on account of its intervention in currency markets to stem the decline in the rupee, according to economists.
Stand by DEI: It's a social and business imperative
In Greek, 'dei' means 'must'. As America swings with Trump's politics to roll back diversity, equity and inclusion initiatives, India Inc should step up to articulate why DEI is a must
HDFC Bank walks loan tightrope
DFC Bank Ltd performed well in Q3FY25 but reported a high loan-deposit ratio (LDR) of 98%, indicating less-than-ideal liquidity to cover urgent fund requirements.
JSW Defence, Telangana Ink MoU
JSW Defence has signed an agreement with the Telangana government to set up a facility in the state for manufacturing unmanned aerial systems.
Jashvik to pick up Smart Vision stake
Private equity (PE) firm Jashvik Capital Advisory LLP is acquiring a majority stake in Hyderabad-based eye care hospital chain Smart Vision Eye Specialities Pvt Ltd, said a person close to the deal.
Chhattisgarh gets ₹6k cr proposals
Chhattisgarh has secured investment proposals worth ₹6,000 crore from leading companies in sectors such as plastics, textiles, information technology, and food processing, the state government revealed during the Investor Connect event that it organized with the Confederation of Indian Industry (CII) in Mumbai.
US bond yields leave emerging markets in the cold
Moody's estimates the developing world needs $1.3 trillion by 2030 to combat global warming
BUDGET 2025: DRIVING INDIA'S GROWTH IMPERATIVE
FY25 growth forecasts put out this month have raised warning signs for the economy
India will clock fastest growth rate: Andhra CM Naidu at Davos
Andhra Pradesh chief minister N. Chandrababu Naidu has said that India's golden era has started and the country will clock the fastest growth rate.
