Why India’s trade deficit with China is rising, double whammy of booming imports, falling exports
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- เผยแพร่เมื่อ 7 พ.ย. 2022
- #CutTheClutter #IndiaChina #TradeDeficit
Why India’s trade deficit with China is getting bigger & the double whammy of booming imports, falling exports - in episode 1109 of 'Cut The Clutter' ThePrint Editor-in-Chief Shekhar Gupta simplifies the data that defines this loss.
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Hypocrisy is the true colour of Indian commerce. Media is exposing the fragility of the government's strength. We are just Paper Tigers, nothing much.
Always felt that our ban on China was a mere eyewash and had no impact on China at all. In fact, they would have laughed at our hindi news channel making a big deal out of these ban😅
Banning of Chinese apps like tik tok was a good decision which enhanced data security. Tik tok recently revealed that CCP has access to their global data.
no there has been ban on chinese in various things and anti dumping duty has been levied so many times if you want too see daily news about infra and economics check out power train channel
[If you can't beat them, join them]
The ban is mostly on the Apps. It is a small and almost insignificant step from economic perspective, but it’s significance is in the messaging between governments.
Imagine the comedy
if TH-cam and Facebook were popular and legal in china.
How would they react in these datas 🤣
Agreed. We are expanding only in manufacturing social media stories...
As long as we are not importing Ganesh idols, lanterns and such basics it’s ok. China is advanced economy it is natural they have price points where we can buy!
😅😅
Our competition is with Vietnam in terms of exports. China is way ahead. 🤚
The electronics and machineries could also be Capital expenditure of manufacturing systems itself. Reinventing that wheel with atmanirbhar could be a longer journey. Instead if we spend now on building that capacity, I think it will in fact accelerate the local advanced manufacturing.
in the long term, we are all dead
@@vikramaditya47_ self awareness if fine and all. But don't underestimate the power of Comments and potential of the idea it transmit.
Machineries for production is made in Germany and not in China. Don't be blind optimistic just for sake of it
Machineries for production are imported from china for producing more goods. That is a fact.
There is another phenomenon going on where production lines are being shifted form China to India
When production lines are shifted , there is a huge import cost, but that import cost is only incurred once
These lines are used to make parts which will exported to rest of the world (not China) hence imports increase from china but export do not
@@vikramaditya47_ thats true of any economy
Why India's trade deficit with China is rising?
Because even the air Indian's breathe is toxic and the air purifiers that actually clean that air at reasonable prices are made in China. Similar example exist in every industry, its systematic failure of a society not being able to deal with their own issues.
Key message
China trades with everyone irrespective of differences. These guys are more capitalist than Americans. India should learn and promote trade that increases its exports to China and other nations
But if it affect your forex then it is bad. Usa can do it because they print dollar . We can't.
Remember the last fist fight at the border? Many Indians were very angry after being humiliated by the loss & capture of Indian troops by the PLA. So much so they called for total ban of Chinese products. I remember arguing with Indian posters who bragged Chinese goods will be totally "disappeared" in the Indian market. Lol....the Chinese goods not only "survived" but even increased more in India!
JMCH Ng you don't have to say that to other.Everyone knows that bro.We need to work our ass off and get crazy rich.
China is definitely the electronics king
Actually, the data you presents highlights a broader issue and that is the lack of data granularity. Electronics is a HUGE basket and it's growth in import should not come as a surprise even though it seems bad. What we don't know is how much of that Electronics is CKDs (Complete Printed Circuit boards, plastic shells, etc.) or how much of that is individual components (Integrated Circuits instead of Printed Circuit board).
There are two sides of the coin. If imports are increasing it means the economy is hot and it's in growth mode. On the other side China is also benefiting from exports. The only issue is India productivity is poor. We don't invent and also don't do reverse engineer.
Exactly my man .
You got that shit right 🙌.
But what are our exports. On our general scale it's practically low valued goods right?
@@dbmdrums1105Spices textiles onions and chillies are our major exports according to my research. I’m planning to export spices and incense sticks from january
@@Kaka-hy8gf 😂😂😂
@@d.dcosta8771 ?
Inefficiencies of India's infrastructure, logistics and supply chains, and corrupt practices, put a considerable burden on achieving cost efficiencies for businesses operating in India, leading to low productivity and increased cost of production.
If government bring any infrastructure projects means oppositions, people's, NGOs will cry and oppose it, then cry for inefficiency, unemployment blah blah, just look at the pending projects in my state TN around 1.26 trillion rupees worth of projects facing various problems and not been started yet, some of it as old as 48 years, the crucial projects like 8 ways road to connect central TN got cancelled, huge geographical and strategic important Colochel port got cancelled etc etc, I don't think any opposition even BJP opposition in some state don't care about people's and their lives it's only game of power that it for them.
@@7_77_.
Yes, Sad to see Karnataka infrastructure too in doldrums,
@@mg.f.9023 I can feel you bro.
This is due to economic policy by congress. Now we cannot adopt the same policy of China because we have labor rights here
@@karthikeyanm.v8381 are you high on something Congress has long gone since 2014 . Bjp have clear majority in every govt body . Still you have cong to blame lmfao. And honestly 2004-14 was best period In india in terms of growth and development .
It will be interesting to point out the costs of China imported material that is being used in Ram Mandir construction. That data would be fun! 😅
Stones are coming from Rajasthan , Karnataka
It is also very interesting to see that the tallest statue in the world the external finishing foundry works are supplied, done and installed by the Chinese.
Also India trains are seating and running on Chinese wheels.
@@mayankm5200 How about building materials other than stones? The Indian government has been outsourcing public works to Chinese construction companies, this includes flyovers and bridges.
Thank you for these timely episodes explained so well. Look forward to the current account deficit stories and episode.
It’s not bad as it originally sounded. Capital investment happens limited times. It shows India is investing. Other products are raw material for the value add and export I.e electronics and chemical.
India’s exports has also increased.
I would like to see better data analysis to feel gloomy 🙁
Yes we need to also take into account, what are we importing
True @praveen
Our steel imports increased Becos manufacturing sector flourished in India SG see that as negative 😅
India is Not importing anything that need to sustain the nation from China
But to improve productivity and infrastructure that’s good though we must achieve self reliance
India far better now
Savage bro
Bro see pib report of imports/exports
For first half of 2022-23
India imported 330 Bn $ Worths of goods and services
While exported 180 Bn $ worth of goods and services
Hence, we have a trade deficit of 150 Bn$ only in first half !
Ease of doing business is the main urgent requirement!
PM modi introduced Gati SHakti for this. Let's see.
@@bbbkkk5975 he introduced demonitizaton too
@@bbbkkk5975 make in India failed?
@@pinkman4946 no, not yet and I don't think it will fail.
Corruption is rampant in modi govt
The biggest fallacy of India's growth story is over fantasy of manufacturing.
A friend of mine told me that has purposely stayed small in his business, because if he expanded further, 40 more government agencies could hassle him.
@@francispinto8721 That's why new labour codes are needed. Ask your state govt to approve them.
*"कामयाबी" के..."सफर" में..."धूप" का बड़ा महत्व होता है.....*
:
*"छाव" मिलते ही..."कदम"..."रुकने" लगते है.....✍🏻*
Exporting services to china is very difficult, keeing the language barrier and Indian's scepticism in dealing with Chinese importers.
Plus Chinese consumers are often biased against Indian products, preferring Chinese made or American or European products.
@@orkkojit I have been to China. They don't need to buy anything from us except Pharma and IT services, because they have rest of their needs. They import lot generic Pharma from India.
@@orkkojit what products does India export to China ? Examples please
There is nothing difficult to export to China if you have the right stuff and price. Language barriers are no excuse because there are many countries trading with China who does not speak Chinese.. The problem is there is nothing that China needs can be found in India. India has no raw materials. It does not have the high end industrial goods like chip, lithography machines, engines etc.
Yoga works well in China, no language barrier 😇😇😇😇😇😇😇😇😇😇😇😇😇😇
Could you tell what gears you use while recording CTC ?
The same as our smartphone and PC components 😆
You can't fix such a trade imbalance unless you actually have compelling products and services to sell to China in the first place. The root cause. And doesn't India run a deficit with many other countries as well?
500% 👍
exactly, imagine if we were producing chips now..that trade deficit would reverse
@@kedar_ghimire too much daydreaming, talking, debating, arguing, laziness, cheating, blaming. Not enough actual doing. #IncredibleIndia
Why Even Petro-PlasticSub Products Imports have increased? Maybe bcoz Govt stopped Indian Oil from producing to benefit Reliance to sell it at higher rates as sole seller in the market leading to higher imports from China.
India is a shithole
दर्द को भी आधार कार्ड से जोड दो साहेब....
जिन्हे मिल गया है उन्हे दोबारा ना मिले
After watching your program for years i have come to the conclusion that 'nothing is good in India'.
That's how these leftist 'intellectuals' are. Scum are always into gloom & doom. They are a disease upon the nation.
Because it is reality. The first step to true growth is popping the fantasy bubble in your brain and accepting reality.
@@huas5350
He is definitely a fool, but ur over exaggerating things while ur own country is under water for months due to flood.
He never said nothing is good in India. A lot has improved during Modi regime. Infra and logistics push will show results in coming time. Meanwhile, PLI schemes are working. It's a continuous process.
You need ip creation if you don't want to become assemble nation for eternity😂😂🤣🤣
Congratulations. India is making China more dependant on India's market for its export.
India now has more leverage over China.
This is simple, we buy from places which suit our supply needs and we sell to others who pay us well and on time. So, we have deficit with some but inflow of monies. The problem is when we mismanage our finances by ill planning or corruption. Economics however has its own cycles, regardless. Good thing is that some of the Eastern Countries have an upward trend as compared to the Western countries.
Bhai, this also means that the schemes like Make In India, Aatmanirbhar and PLI for manufacturing are not effective. They are most likely the headline grabbing paper dragons of Modi era! With China at advantage, they are literally the 'dragons' of paper!
We e
India is still an agricultural economy. It has no industrial manufacturing base nor raw materials.
@@cheeho9698 Regardless, No one has ever achieved Self Sufficiency as it is not natural. China's centrally controlled system is a double edged sword which can cut self destruct as well if in the wrong hands like the world has witnessed all along. India however is a democracy of its own kind. The whole country cannot be corralled or herded like in China. But it is no doubt on the right path and the size of its economy like china is ripe for enhancing its internal as well as external markets. Economics has its own cycles making the civilizations rise and fall in time. Lets not forget, India was like the USA Today only 200 hundred years ago before the British came and robbed it to its bones. Remember, all the early 5 civilization grew across the glob independent of each other almost at the same time. No one civilization is smarter than the other, its just where each is in a given space n time on this planet.
To me looks like a welcome news because we are importing capital goods which will pave ways to boost local manufacturing. In the past Japan and Germany were the main sources for those equipments. I am betting big on Indian manufacturing in coming years. With increased exports we are already in top 15 of the world. Coming few years we may break into the top 10 list.
Thanks for the CTC but I politely disagree with your insights this time.
Shekhar ji,
I would look at it in a way that exporting less steel, and importing more steel and heavy machinery, could be a sign of investment being made in the manufacturing sector. In terms of capital goods. what is worrying is the Imports of Electronics , and plastic goods which can easily be made in India, which is contrary to make in India.
That's what it actually means...our consumer good imports were less than before... when you start manufacturing...the graph is like a hill...first it goes up bcos of import of capital goods and machinery along with consumer goods....then it starts going down bcos of reduction in imports of consumer goods drastically...and less of capital goods
This Episode also enlightens the Fact., that India is Buying a lot of InfraStructure Materials from China, And that Indian manufacturing is Gearing up to a healthy level. Buying One Cheap Machinery @ "One Year" and Manufacturing and Selling Products ( even exports) for "Many Multiple Years" maybe the other part of the Story.... Except Electronic Consumer Goods.
India's big corporates are going for huge capex they also want to increase their capex in coming years which is also good for Indian economy
History will not be kind to Modi's BJP for bailing out of RCEP. His govt caved in to powerful vested interests in India that just wanted to protect inefficient quasi monopolies at the expense of upgrading the entire industrial base and gaining access to a huge market with UNIFORM rules.
Who will be writing that history? Romila?😂
At the beginning of reform and opening up, especially after joining the WTO, China also had a huge trade deficit every year, but China's policy at that time was to further open up to the outside world, build large-scale infrastructure in order to attract overseas investment, and invest in China. The foreign companies that invested in China in that year enjoyed the three-year exemption and five-reduction policy (three-year tax exemption and five-year tax reduction) given by the Chinese government.
Today’s India is just the opposite. Its foreign economic and trade policies are conservative and not open, its infrastructure is poor, and foreign investment in India is faced with the dilemma of trade protectionism, not to mention the corruption of Indian officials and the inefficiency of doing things.
Agree. Trade deficit is not necessary be a bad thing if the trade deficit is caused by importing machinery and raw materials. But if trade deficit is caused by importing finished goods then there might be a difficulty to redeem it later.
Sir any data on howmuch import is from china factories of multinationals?
Is the increased commodity prices & global high inflationary environment a factor? What are the numbers & %s if inflation adjusted? Also, does a change in the nature of imports matter?
Chinese industry is less dependent on oil imports than India. So, they are affected less. We are affected more, on top of our lower competitiveness.
They also import 60% of their oil consumption,
Japan, south Korea taiwan
All import most of their oil..
Oil ain't excuse there,
By that logic,
Middle east should have the must competitive manufacturing.
@@wolverine9377 60% is less than 85% for India. And Middle East doesn't need manufacturing. They are exporting oil. What else do they need to do?
Not true. China is dependent on oil imports too because China has no significant oil fields. Another misunderstanding is oil is only for fuel. Being an industrial manufacturing economy China needed a lot of upstream raw materials e.g. plastics. And these are all petrochemicals from oil There fore even though China had moved aggressively into renewable energy sources like solar, hydro and wind, plus nuclear, it does need oil for petrochemicals
Shekharji as year-end comes up, pls make a video on all the stuff India did awesomely this year and another covering vice versa. Let these be longish...don't worry.
the problem with export is logistic price and also permissions/certificates for each and every step which is kinda time taking and hectic. Govt should bring a single portal for all exports. RCMC and photosanitisation certificate is pain in the neck for food products exports
We have become a screw driver Manufaturer with basic parts being imported, Mobiles we import everything from body, chips & screen, added the ASP had gone up in Mobiles increasing the import bill, so is other durables like AC , LED etc, cars we may be making but we import steels as india does not make enough so is as basic as copper tubes required for AC. Government & industry should work on this.
Nicely explained ✅
India not exporting enough shows that make in India has remained just a slogan like other ones.
India's economy is basically an agriculture economy and also a majority of family subsistence farms rather than huge commercial farm to produce food for export like that of New Zealand
When will State governments ratify new Labour Codes, which are so important for competitiveness. The problem is there.
the whole world was buying from prc before the latest usa sanctions. the price was right.
there is always a fundamental question, 'what's wrong wth india government,? ' if you have a managed economy, why isn't it performing?
Since iPhone production has started in India, some of the parts might come from China until all components begin to get manufactured
It would be interesting to see a graph of trade deficit since 2014.
It's exponential
www.eoibeijing.gov.in/eoibejing_pages/MjQ,
This left me a bit confused. If we aren't able to compete with them even with the tariffs and non tariff barriers that are in place then joining RCEP would just swamp out the little bit of manufacturing that is left. I am one of those free market types that you talk about, in my opinion we should just accept that some forms of manufacturing will be a chinese monopoly and just buy cheap goods from them. But that will have consequences on the nature of the economy, we will have to be content with an under developed manufacturing sector and a higher unemployment rate for a given gdp growth rate.
PS : If they are serious about trade imbalance with China, the government could take a more direct approach and start providing trade facilitation finance, lower tariffs etc, for imports from other countries.
Which "other countries" make EV cars, not many options. Try BYD car, very good.
@@hanfucolorful9656 If China wants to keep subsidizing manufactured products and sell it cheap, i don't have a problem buying it. Am pretty sure we aren't buying $100 billion of EVs though.
@@hanfucolorful9656 Are you from China?
@@joshua_ch
Several European and American companies are building their manufacturing plant in India
And
They need Chinese import for manufacturing all most everything
We are giving so much freebies from our taxes. That can be replaced with social security of our workers, so that companies can pay less salaries, and thereby we can make them competitive while ensuring better use of our taxes.
The App ban was mainly to stop data collected for training. AI supremacy, they are at a different level, with the number of papers, they publish. So things are different in that case.
Again that would be insignificant, not disagreeing on training but what would be the end use cases for PubG and TikTok?
Hi Shekhar, can we have split of RM and end consumer saleable goods of total import from China? This might help getting clarity of import strategy.
Shekhar ji
In Your analysis, did you take into count inflation, dollar rise, lockdowns and the Ukraine war?...
Just read the origin of products in Flipkart, particularly electronic products, you will know the magnitude of the situation.
India is a massive failure in the manufacture of electronic products, we have to accept the reality and start working on it.
CHUP HO JA ANDHNAMAZI, MODI JI NE KITNA DEVELOPMENT KIA TUJE PATA NAHI HA KIA
When did we start to be a massive failure
The government banned steel companies from exporting steel and farmers from exporting wheat due to archaic price control measures. These two are a considerable source of Indian exports.
Earlier you had chinese investment in indian start-ups making up for the trade deficit. Now you don't even have that as chinese investors have more or less stopped investing in indian start-ups because of nasty politics.
Great insights
Always love to watch this guy delivering news
So if Heavy machinery is not imported, how will India produce other goods and increase exports ? A lot of the imports help in value creation and also exports.
The strength of a nation depends upon its economy and manufacturing ability which unfortunately in India hasn't taken off because of lopsided priorities. Until the Modi government changes this policy of subsidizing agriculture I do not see how India can ever match up to China.
Shekhar Gupta jii ,can you explain about EWS quota??
DMK will never implement EWS reservation in Tamilnadu... DMK don't want the poor section of general category to avail these benefits. 😤😤
High oil prices have increased Input costs of our MSME. Govt needs to rationalize this. Govt should give some tax breaks when there are oil shocks, and remove them when oil prices stabilize.
Very true..perfect Analysis
Capacity building takes time. Problem of 3 decades can’t be fixed in 2 years.
Not just capacity. To industrialize you needed good infrastructures to move your raw materials in and finished products out at a reasonable costs and punctuality
Other than a bottle of Old Monk rum, I don't see anything in my house that is from India. I am from Singapore.
A Ctc on the recent ews decision please. Also that also is applicable over private institutions
Stieglitz got the Nobel for proving that countries with similar income levels are better off trading with each other. So India will naturally have more products it can use from China. The problem is that the reverse flow from India to China seems to be artificially constrained
Government has reduced all of the benefits which was given to exporters in several years. Also without money no government officers do their work. Also railway expenses increased around 100 percent in 5 years. Freight also increased 200 percent and which also come under gst. Now it is better sale that item in local market.
I think SG’s analysis doesn’t consider the ‘what if’ question. What would be current trade deficit situation if India hadn’t taken all the steps it did in the last few years with regard to China? Also, as noted by others here, China has cut down big time on imports with severe lockdowns and stagnant economy.
If China's economy was stagnant, how come they are able to fulfill the increased demands for imports? If the scale of production is not high, they cannot generate the competitiveness of price that comes through 'economies of scale'.
Stagnant?🤣🤣
3-4% of growth for 19 trillion $ economy even with that zero COVID shit and negative growth in real state sector is a pro level economic management.
mistake! Strange Chinese imports are also growing!😂
You need ip creation if you don't want to become assemble nation for eternity😂😂🤣🤣
"stagnant economy" you are watching too much western MSM🤣
As Indian industries grows further, trade between India - china will grow even more . Why is this a bad news ? Chinese goods are cheaper & of good quality.
We import parts of smart phone , solar inverter , capital machinery , raw materials at very cheap rate compare to high rate iPhone etc .
I think process has started. Though electronic products manufacturing or assembly has started in India, still components are being sourced from China. It will take some time for component manufactures also to set up their plants in India.
100 years?
I hope they make the export infra better and cheaper. It's really difficult to compete with these Chinese companies when it comes to export.
They are already focusing on infra and logistics, with Gati Shakti plan.
China China China, it is a free world, nobody points a gun to indian heads to buy the products. About RCEP, indian confidence is thru talk only not its actions
Our TV Channels and politicians never discuss these issues but continue to befool us and create a religious divide
The topic is very important and so Thanks for it. Few observatiins
1. Can you go more Digital pls. Graphs explain figures much faster than a detailed narration
2. Consider covering a snapshot of the progress in Indian industry, so that viewers get a sense of where we are heading. Currently your narrative seems to be presenting only todays ground reality.
3. People need to understand, transformational changes can't kick in, in terms of numbers substantially, in a year of two. So it's always more appropriate to look at lead and lag indicators when deliberating such topics.
Humble submission to you and team to give this a thought, if it helps enrich the Content.
also add global inflation price increases as a factor and volume imported as an additional relevant comparison indicator.
Ecosystem of manufacturing needs overhaul ....treatment given to IT sector in 1990s could be extended to manufacturing and exports. To unleash the animal spirit as was mentioned by CEA few years ago.
We need new labour codes. Centre passed laws in 2021. But States have not approved them yet.
Amazing
Better insights required here from your young data journalists sir. At 18:05 graph show a trend line of percentage as it will show that till covid hit it was coming down.
great what do we do about it ?
Buy from America and pay 8x more.
Is 5 g roll out significant factor, it was supposed to be sdn
Overall Imports had increased by 30% its very normal to see increase in imports from china. But I agree, imports form China must be reduced.
Must be reduced.???? This message I have heard it 10 years ago.
which thing we are importing is better to see first for ex. iphone started manufacturing in india so it import it's spare parts from china but we are exporting that iphone to other countries so yes we have import more from china but our export also increase.
China has been running a large trade deficit with Japan, South Korea and Germany in the process of industrialization. I'm talking about hundreds of billions of dollars. India is also in the process of industrialization, which is normal.
I really appreciate your efforts for all the data, graphs & unhyphenated journalism. I think we need strategy to manufacture high quality goods which are sellable in all over the global market. That way we can balance out deficit with China by exporting to other countries.
This same situation with Russia trad deficit is more than 90%. Government should be seriously concerned.
Electronics and electrical needs lot of research and investment .. to be self sufficient... made in india is the way to counter that ...but needs to change our investment strategy ..
One possible reason could be that our economy is growing rapidly at around 7%(EM avg is 3.7) whereas China's economy has slowed down significantly due to no covid policy this year hence our imports have increased more than usual and exports have fallen significantly
Shekhar sir when do plan to release the episode with Salvatore Babones :)
Except sharing data, where is CTC ?
Indian needs a lot of cheap Chinese products but China does not need any India high quality English services.
Sir I hope you get this message, I absolutely enjoy all the episodes and segments of the print , however I would like to suggest to you to add a special segment of Sports to The Print I believe many young adults also are your viewers and they will be extremely excited to hear your sports edition, this may inturn prove beneficial to your channel in getting more teens, young adults and adults to subscribe to your channel 🙏🙏🙏
Hope you liked my suggestion 😬😬😬
Great story! Would you also look at 1) reducing gap between Trade data due to crack down on under invoicing of Chinese imports and 2) Increased exports of electronic goods to other Countries ( specially mobile phones ) for which India is importing more and more intermediaries from China in the initial period of PLI implementation?
Indian Labor cost is lower than China. The difference here is productivity & entrepreneurial mindset, where we lag woefully.
Before the light of lamp goes off, it burns brighter.
Lot of infrastructure expenditure is happening in India, so imports will go up. It takes years to reverse this.
The more EVs we buy, we import more because we don't have the scale nor the technology. Mobile components and chemicals are the other major heads, plus inflation. Not worried about imports from China
It is a hard problem that even the US and EU are struggling with. Needs out of the box solutions.
Last time when " Britishers"
Figured out the solution,
That was "Opium".
Well, sadly
There is a death penalty now for drug trafficking in china 😉
Well...
If India wants to decrease their trade deficit with china...
Try exporting semiconductor .. 😉
We need new Labour Codes passed in 2021. These laws cut red tape for manufacturing. But States are not ratifying them, due to pressure from Trade Unions.
I read somewhere that if country 'A' exports to country 'B' are more than it's imports, then A is more dependent on B for its market.
Of course, I don't think this theory matters more for a giant economy like china
These so called made in India phone are nothing more than assembled parts, that's why real me now has biggest market share in smartphone market in India
Great great coverage.. I really hope people will understand the politics of show off ban on few apps and mobile games.
Details item classes of imports to India will reveal the picture in a better perspective
As long as we are importing high of raw materials like iron ore and exporting this less to china would be beneficial for us, as we can sell finished goods to European or us markets. GOI should push hard to increase and ease the exports to European, us, aus like countries
Yes but only if you can produce as efficiently (dollar value) as the Chinese. EU steel importers too look at their bottom lines. Since India do not have significant iron ore deposits and China has other cheaper sources from South America and Africa, this is not a good example.
👌👍🙏 thanks a Billion SGSir for your updates...splicititics but value worth WISDOM
Nobody will question here on why Plastic and Petro Sub Products Imports from China have Increased?
Earlier Indian Oil Corporation (IOC) used to manufacture them and Indian Manufacturers used to buy from them. Also, there was a major Private Player in this sector in Reliance.
Now, IOC production has been stopped and only Reliance has become pre eminent and infact a monopolist in the market, so they price it way higher than Chinese companies, making it very difficult for Indian Manufacturers to survive. Hence, they import from China at cheaper rates and hence Imports have risen in aggregate terms.
So, Modi Govt's policy of Crony Capitalism and not letting PSUs compete has also been responsible for this. But can Shekharji question govt on this? This is exactly what Rahul Gandhi says: We are not against Private sector but benefits to selected few cronies.
In 2012, Reliance wanted to increase Gas prices and UPA govt did it but had to take it back under pressure from Kejriwal especially. Can Toda's Govt do this? Will so called Badlaav party step up? BJP-AAP are two sides of same coin and products of RSS: one direct, one indirectly IAC and Anna Hazaare who is a closet Sanghi.
They have led India into this mess.