In a bid to stem the fall in the rupee, a government task-force is looking at import substitutions across five sectors such as defence, electronics, telecom, metals, petroleum and solar.
The government will look at five sectors and see how it can substitute import by promoting domestic industry in this sectors. Department of Industrial Policy and Promotion (DIPP) is leading the effort by carrying out government to government consultation.
The broad idea is to look if domestic manufacturing capacity exists in these five sectors and if not then what are the constraints which are prohibiting domestic capacity in these five sectors.
The task force will play an important role in ensuring that the domestic industry will be able to give output in the selected sectors when imports are restricted.