SATISH HANDA
According to Confederation of All India Traders (CAIT) started campaign against import and sale of products manufactured in China in June 2020 has expressed satisfactory results in its report saying that earlier markets in our country flooded with products manufactured in China are now concentrating over sale of indigenously manufactured products. According to report, satisfactory results of Prime Minister Narender Modi’s appeal to people in the country to say ‘Good-by’ to products manufactured in China both traders as well as consumers are now preferring to sell and buy indigenously manufactured products irrespective of price which are much better in quality as compared to Chinese products. Even manufacturers in the country have started developing basic raw materials required in manufacturing in the country earlier imported from China in the country.
Information reveals, in order to give financial challenge to the manufacturers in China flooding our markets with cheap substandard products including variety of lights, crackers and decorative products during festival season severely harming local industries in the country causing drastic drop in their sale, our government as well as traders decided to impose ban over import and sale of Chinese products this year. Government of India decided to enhance duty on imports and even banned Chinese APS including Tik Talk providing severe financial shock to China as a result imports from China during current year has witnessed drop worth Rs 40000 crore during present festival season. Past scenario reveals, our country used to procure maximum raw material from China being cheaper in price have now diverted their purchases from local sources. With effect from April to August this year imports from China suffered nearly 27.63% drop as against nearly 10% during years 2018-19 and 2017-18.
Information also reveals, manufacturers of some of the products are dependent on import of raw material from China especially in case of pharmaceutical, chemical products, medical instruments, mobile phones, automobiles and electronic goods industries in our country. Information further reveals, industry in our country has now started developing such basic raw materials and components in the country on the formulae declared by our Prime Minister Narender Modi ‘Local is Vocal’ in order to become self-dependent. Government of India has decided to introduce production linked incentive scheme for the chemicals earlier imported from China on which amount worth Rs 25000 crore will be invested. According to World Trade Organization (WTO) a country cannot impose complete ban on imports from another country directly but increase anti dumping duty on import of a product.
Information also reveals, Government of India has decided to provide new life to Micro, Small and Medium Enterprises in the country, which will not only increase employment opportunities for youths but also increase sources of self-employment among people but also make country self-dependent.
