Electronics, according to the latest reports, is the most frequently imported product in India, after oil. The love of electronics is affecting Indian economy adversely by impacting the current account deficit. It is shocking that the fascination of electronics has even exceeded Indian’s eternal love for gold, as the reports tell.
There’s nothing shocking about Indians’ inclinations towards new technology gadgets, which is a part of development. What is shocking is the amount that is being imported, reacted on which, PM Modi is keen on taking steps towards “make in India” to promote local manufacturing.
“Government data for the 13 months to May show electronics imports were valued at $57.8 billion, way more than the $35.8 billion worth of gold purchases”, reports The Economic Times.