The Indian government is actively reviewing its import policies, particularly focusing on non-essential items, to address the growing trade deficit and support the weakening rupee, which recently reached a record low of 96.5 per dollar. An interministerial meeting is scheduled for next week to discuss strategies for curbing imports and boosting domestic manufacturing. The trade deficit expanded to $28.4 billion in April 2023, raising concerns about the balance of payments amid declining foreign direct investment and portfolio outflows. Officials indicated that any import restrictions would be carefully considered to avoid disrupting critical supply chains. Commerce Minister Piyush Goyal emphasized the need for importers to prioritize domestically sourced products, highlighting the government's commitment to enhancing local production capabilities. Additionally, the Centre has already increased customs duties on certain imports, including gold, to mitigate the impact of external economic pressures. The government is seeking input from various ministries to compile a list of items that could face import restrictions as part of a broader strategy to stabilize the rupee and foster economic growth.