Hyderabad: Chevella MP Konda Vishweshwar Reddy has emphasized that India can only achieve self-reliance if dependence on foreign imports is reduced and the use of indigenous products is significantly increased.

He was speaking at a conference organized at Park Hyatt, Banjara Hills, under the leadership of Bharat Global Industries Forum Regional Vice President Bollampalli Indrasen Reddy. The meeting brought together representatives from various industrial and business sectors to discuss issues such as boosting domestic consumption, simplifying GST, and easing the burden on the government.

Vishweshwar Reddy pointed out that the new GST policies introduced by the council under the central government could temporarily reduce revenues by nearly Rs 7 lakh crore. However, he expressed confidence that industries trust the government and, in the long run, GST will generate much higher tax revenues.

Highlighting the heavy reliance on imports in several key sectors, he noted that this results in high foreign exchange outflow. To address this, industries believe the central government should take the lead in striking strategic trade agreements with other nations. He also underlined that, in view of the recent tariffs imposed by the United States, the urgency to promote and consume indigenous products has become even greater.