The government is to give special emphasis on import substitution in the budget for the upcoming fiscal year.
The Ministry of Finance, the government will be prioritizing growth of domestic production to improve the economic status of the nation, massively hit by the Covid-19 Pandemic.
Thus, to meet the goal, government is preparing to substitute the import of the products other than daily consumables and most important.
With the aim of utilizing domestic sources and materials, the discussion is ongoing among the relevant ministry, Revenue Committee under Finance Ministry, experts and businessmen so as to address the budget priorities regarding products and production.
The government is of the belief that the import substitution will aid in scaling up the domestic production and minimizing the trade deficit.
Earlier, the government had tightened the import of four wheelers, two-wheelers, cosmetic products, alcohols and junk foods among others.