"India produces everything - it doesn't import anything ..."

"India produces everything - it doesn't import anything ..." - this is what the Indian guys from work were telling me. I'm not sure if it's an exaggeration or spot on. but when I was there I certainly saw most things were locally made - from Tata & Reliance and other large corporations. I think some of the Westerners laugh at some of the locally made products - some are a little rough around the edges. but I wonder who'll be laughing in the next 10 years when India is the global economic power it's touted to be/come.

I wonder what percentage of things Australia imports? I know Australians love to support Australian-made - the green & gold. I think for Australia to stay in the list of leading countries it needs to keep producing it's own goods.

I've read that the USA doesn't produce anything any more (obviously an exaggeration) - and perhaps this will be it's downfall, especially if they keep printing more money to buy more things and 'pay off' their debts.

I need to do some more reading to find out more about this - maybe it's an urban myth