In a bid to diversify the country’s import base for as many as 1,068 products, including 168 important ones, the Ministry of Commerce & Industry has identified alternative source of imports and shared its analysis with India’s overseas missions to “explore sourcing and export opportunities in their respective countries”. This initiative is the consequence of China’s unreliability as a supplier in the aftermath of the Covid-19 outbreak and India’s frustration with China’s perennial reluctance to grant India greater market access. Some of the key products are auto parts, consumer electronics, electrical machinery, select steel and aluminium products.
In addition to this, India is also working towards building a robust domestic manufacturing base. Thus, the government has announced 13 PLI schemes this fiscal, involving incentives worth about `2 lakh crore over five years. This will also bring down India’s trade deficit with China – close to US$ 55 billion in FY20. Some of the things that India imports from China are consumer electronics, capital goods, computer hardware, active pharmaceutical ingredients, fertilisers, project goods, electrical machinery, etc.
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