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). Both can be said to be de facto exports of skilled or semi-skilled labour. This is India’s big competitive advantage.
Denne historien er fra December 24, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 24, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Cash transfers must not lead states to fiscal ruin
A political imperative amid hard times for multitudes could turn into a race to the bottom.
Crafting Bharat: Deep-tech edition-How Morphing Machines is revolutionising computing
The semiconductor industry is at the forefront of a technological revolution, driven by the integration of artificial intelligence (AI) in design, production and testing processes.
Combatting compassion fatigue with self-care
For people in jobs that require them to be in the front lines of a crisis, vicarious trauma is normal. Surviving it requires conscious care
What's going on your action board for 2025?
Action boards help break down your bigger aspirations into achievable goals
Deepak Chopra's latest vision: Integrating AI & well-being
Indian-American author & new-age guru Deepak Chopra is optimistic about the power of AI in enabling personal growth
The education imperative: May Parliament rise to the challenge
A country can't prosper if too many children are left behind and it's for our parliamentarians to transform this grim reality
AI robots are on their way and they're likely to be Asian made
Artificial intelligence is breathing new life into robotics in Asia
Piketty's tax advice for India should provoke thought
The country all but embraced Reaganomics but it may be time to address worsening inequality
We need more sectors to become reliable dollar earners
India must tap new export opportunities, especially in service sectors like tourism and education
Too many outcome shapers are too distant from ground realities
The ivory tower is all too real. It explains a key deficiency in well-intentioned but useless analysis
