Counter Strategies for Solving Import Dependency and Developing India into a Self-Reliant Nation

Abstract

Self-reliance means being self-sufficient and solving problems without relying on external resources. It applies to individuals, communities, and nations in various domains of life. We have developed some questions as evaluating the level of import dependency in various sectors of the Indian economy and identifying key imports that contribute significantly to this dependency, investigating how import dependency affects India's economy, employment, and growth. identifying the driving factors of import dependency and to explore strategies for enhancing Self-Reliance. We have used some statistical tools like share of imports, import intensity index and correlation analysis to meet the answer to our raising questions. The study is purely descriptive and based on a secondary source. The secondary data have collected from various sources like the Economic Survey, Manual Report of RBI and EXIM banks etc. The study has revealed that India has a main import dependency on petrol, oil, lubricant, fertilizer and chemical products, and non-ferrous metals that are raw materials and intermediate manufacturers. The authors have outlined the strategies to reduce dependency on imports such as embracing renewable energy sources, promoting sustainable transportation and advancing organic farming practices at the same time, India can invest in domestic mining resources, recycling programs, and skill development initiatives to bolster self-sufficiency and reduce import burdens. By implementing these measures and fostering a conducive environment for import substitution through market analysis and policy support, India can enhance its economic resilience, promote sustainable development, and pave the way for a more self-reliant and prosperous future.