Categories: Business

calibrated approach needed to reduce imports from china says SBI report

Photo: FILE

SBI Report

new Delhi. India needs a thought-out strategy to reduce import dependence from China, not to stop it suddenly. This has been said in the report of SBI EcoRap. Currently, the demand for restricting imports from China is on hold after the deadlock on the border.

According to the SBI ECORAP report, India must ban specific products that the country clearly has the ability to compete with China, and this will help the country's MSMEs. "But in a country which has penetrated our economic system in such a manner, it is unreasonable to demand that all imports be stopped at once and this will disrupt the local supply chain," the report said.

The report said that India relies on China for a lot of products with cheap manufacturing. In FY 1997, there were 22 categories in which India did not import anything from China, whose import value has increased to about $ 500 million in FY 2020.

"Theoretically China has expanded into all other categories, ranging from low-value manufacturing to high-value electrical goods," the report said. The report states, "Although value-wise imports are very low in the categories in which China has started importing over the years. These are some labor-intensive and small scale industries, such as products made of vegetables, fruits, grains, flour. , Meat and fish, milling industry products, wood and wood items, parts, etc. "

According to the report, utmost care needs to be taken at this point to protect the rights of consumers in the form of multiple options. It should also be ensured here that China does not swallow local industries that can easily build capacity in these areas, and India will not need to import these products.

This post was published on July 8, 2020 9:24 pm

Content Team

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