An online webinar panel discussion being organised by the Trade Promotion Council of India on the topic ‘Has import substitution strategy worked for India? Challenges and road ahead’, at 2:30 pm on 1st June, 2021. The session will be conducted with government representatives from centre and states, prominent experts in the domain of international diplomacy, trade and industry leaders.
The panelists will talk about import substitution strategy under trade policy which seeks to abolish the import of foreign products and encourages production in the domestic market. The purpose of this policy is to change the economic structure of the country by replacing foreign goods with domestic goods strategy that seeks to develop industrial capacity by shielding domestic producers from foreign competition, especially helping SMEs.
The idea of doing this session is to deep dive and do an objective analysis of the policy of import substitution in India and its impact. Also, how the industry looks onto this and what challenges they are facing. Idea is generating some perspective out of this deliberation which will churn the policy makers and industry both with appropriate insights and help draw policy accordingly for economic growth of the country.
- Prof. Manoj Pant, Director at Indian Institute of Foreign Trade
- Mr. Ajit Pai, Distinguished Expert & Consultant to Vice Chairman, NITI Aayog
- Shri Alok Shekhar (IAS), Principal Secretary, Industries & Commerce, Government of Punjab
- Shri A. Bipin Menon (ITS), Development Commissioner, Noida Special Economic Zone
- Mr. Sanjay Grover, Vice President, International Business Division, Kirloskar Pneumatic Company Limited
- Mr. Kapil Malhotra, Sr. Vice President- Marketing, Gujarat Fluorochemicals Limited
Topics to be covered
- How far did the import substitution as a strategy work from India? Did it help thrust exports?
- Is import substitution strategy pursued by India not against free and fair trade and WTO compliant
- How practical it is to implement it as ploy to prevent Chinese goods into India
- Justification for indiscriminate and indefinite protection and incentives to domestic Industry
- Fact finding on – ODOP/ PLI Schemes / vocal for local/ Make in India- gains and misses
- What role SEZs can play
- Import-substitution policies in the government’s post-Covid-19 stimulus package, specifically in the MSME- how far this is helping industry especially smaller players in state
- Challenges in implementing import substitution policy in India
- Can such an import-substitution policy deliver economic growth for India? Or is this mere rhetoric
- Road ahead
Interested participants may register on the session here.
For further details on the event, please contact Sameer Pushp at firstname.lastname@example.org.