“We will need to import certain products where we have difficulty. Every country can’t produce everything…Every country can’t be competitive in everything,” Goyal said at a virtual event of the Bombay Chamber of Commerce and Industry.
“We are not against imports but we should also export,” he said, adding that the Covid-19 pandemic has taught the country to be self-reliant and not over-dependant on anyone.
His statement assumes significance in the wake of the government erecting barriers to curb imports especially those from China.
Goyal also said that the government has been identifying sectors to enhance exports and substitute imports. It has identified 12 industry sectors to promote Indian manufacturing including food processing, iron and steel, electronics, industrial machinery, furniture, auto parts, and leather and footwear.
“We are looking at new sectors to promote Indian manufacturing. We are trying to create a single window mechanism which is transparent but not prone to misuse,” he said.