India is trying to limit cheap quality imports from countries like China using a number of policy measures, including quality control orders (QCOs).
External Affairs Minister S Jaishankar on Wednesday urged Indian consumers to use more domestically produced products at a time when cheap and highly subsidized imports are “invading” the Indian market. Degree.
India is trying to limit cheap quality imports from countries like China using a number of policy measures, including quality control orders (QCOs). This comes as China continues to be India’s largest source of imports, with imports growing 4% to a record $98.51 billion in 2023. As India depends on imports of several products, products, including active pharmaceutical ingredients (APIs), so trade with China lacks transparency. China’s exports to India have grown steadily, but India’s exports to China face many non-tariff barriers, leading to a sharp decline over the years.
“For me, especially because there is a risk of cheap or subsidized products taking over our market, we have to instill producer pride as well as consumer pride . We need to consciously say that we should produce in India, buy in India and buy what is produced in India,” Jaishankar said at the ‘Aatmanirbhar Bharat Utsav Celebrations’ organized at Bharat Mandapam.
On the importance of One District Product (ODOP), which aims to select, brand and promote at least one product from each district, the Minister said, “ODOP is part of our character . This is very important because in the age of globalization, many different societies and cultures begin to lose their identity and individuality.” Meanwhile, Commerce Minister Piyush Goyal said India has no objection to imports.
“The idea is not to shut down or import poorly. We are not against imports. Atmanirbhar Bharat also means that we will also increase our exports and because of this, if we have to import, we will not stop them. We will leave an impression on India in terms of cost, competitiveness and quality,” Goyal said. By 2023, India’s imports of goods will outstrip its exports. Additionally, exports fell amid slowing global demand, amid slowing demand in the West and China, the Global Trade Research Initiative (GTRI) said.
“Interestingly, this decline in exports occurred despite a significant depreciation of the Indian Rupee (INR) against the US dollar (USD). Within a year, the average INR/USD exchange rate fell from 77.5 in June 2022 to 82.1 in June 2023. Typically, a weaker local currency can boost exports by make a country’s products more competitive in the global market. However, in the case of India, INR depreciation did not increase export volumes,” the research organization said.
Notably, India’s efforts to boost domestic manufacturing and reduce dependence on Chinese products have yielded results in the electronics manufacturing sector.
Imports of finished electronic products such as computers, laptops and other hardware decreased from 15.4 billion USD to 13.8 billion USD, a decrease of 10.3%. Electronic equipment imports also decreased slightly, from 10.4 billion USD to 10.1 billion USD, a decrease of 2.3%.
These trends illustrate the early successes of India’s production-linked incentive (PLI) scheme, which aims to boost domestic manufacturing and reduce dependence on imported electronics products. . The reduction in imports of finished goods and tools, coupled with growth in exports, especially of smartphones, shows that India’s electronics manufacturing capabilities are strengthening, GTRI said.
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