The Piyush Goyal under ruled commerce ministry has identified alternative sources of imports and shared its report analysis with India’s overseas mission to “explore” sourcing and exports opportunities in their response.
The India intends to diversify the country’s import base for as many as 1,068 products including 168 imports products to curb excessive reliance on China. They key products imports from China include auto parts, consumer elctronics, electrical machinery select steel , aluminium products told by FE.
Piysh goyal told that India is incentivising domestic manufacturing of key products through production – linked incentives (PLI). A total of 13 schemes – from auto and telecoms to food processing have been announced this fiscal involving incentives worth about 2 lakh over five years.
The eCommerce ministry has concerned that despite heightened efforts in recent years to resolve market access issues by signing several protocols in Indian exports to China.
However, India’s effective trade deficit with China dropped only by about $4 billion- from $59 billion in FY18 to close to $55 billion in FY20 , according to official data.
India mostly imports manufactured products and components in critical segments like consumer electronics, capital goods, computer hardware, active pharmaceutical ingredients, fertilisers , project, goods, electrical machinery etc.
The report published on Financialexpress. We shared for knowledge.