Imports by India

If any commodity is brought into one country from another country in a legal way then the condition is called Import. Import policy of India is influenced by the factors like economic needs of the country and effective use of foreign currency. 
India import

The policy aims:
  • To make the goods easily available.
  • To simplify importing license.
  • To promote efficient import substitution.
Imports are likely to be boost up with the increase in per capita income. As the middle class of India becomes more affluent and wealthy, domestic consumption will continue to increase over the years. This will further increase imports.

India imported US$570.4 billion worth of goods from around the globe in 2021, up by 28.5% since 2017 and up by 55% from 2020 to 2021. 

India's Top imports 

  1. Mineral fuels including oil: US$170.4 billion (29.9% of total imports)
  2. Gems, precious metals: $88.3 billion (15.5%)
  3. Electrical machinery, equipment: $56.7 billion (9.9%)
  4. Machinery including computers: $48.4 billion (8.5%)
  5. Organic chemicals: $27.2 billion (4.8%)
  6. Plastics, plastic articles: $19.3 billion (3.4%)
  7. Animal/vegetable fats, oils, waxes: $17.5 billion (3.1%)
  8. Iron, steel: $11.7 billion (2%)
  9. Optical, technical, medical apparatus: $11.3 billion (2%)
  10. Inorganic chemicals: $9.6 billion (1.7%)
Due to safety concerns of small children and worries about the fate of domestic toy producers in India, it was decided to ban toy imports from China in February 2009.

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