Indian Prime Minister Narendra Modi is taking steps to reduce key imports into the economy in order to protect supply chains and ease pressure on the currency as geopolitical risks escalate.
Modi’s office ordered key ministries to identify categories of goods in which import dependence is high, and can be replaced by locally made products, according to officials familiar with the matter. The government is considering subsidies and other incentives to help boost domestic production, they said, asking not to be identified because the discussions are private
