FOPSIA opposes signing of FTA with China; writes to PM to save the industries of India
New Delhi, July 27 (KNN) Opposing the Indian government decision to sign the Foreign Trade Agreement (FTA) with China, the Federation of Punjab Small Industries Association (FOPSIA) has written to Prime Minister Narendra Modi urging to "save the industries of India from Chinese dragon".
FOPSIA President, Badish Jindal said even after not so good relations with China, the policies of India are supporting the Chinese Companies to destroy Indian economy.
He said that in 2014 the exports from India to China were Rs 90,561 crores which has come down to Rs 86,015 crores in 2017-18.This clearly shows a decrease of 5% in exports to China during last four years.
Jindal said that the policies of the government are allowing the Chinese companies to enter one of the biggest consumer markets like India.
Highlighting the figures of export and import data, he added “due to this policy the trade imbalance which was Rs 2,18,674 Crores in 2014 rose to Rs 4,05,527 and has now almost gone double during last four years.”
India’s total export data also shows a setback for Indian industries as during last four years the increase in exports from India to other countries is merely from 19,05,011 crores to 19,55,541 crores which means just an increase of 2.5% during last four years or around less than 0.60% per year, FOPSIA President added.
He said these figures clearly proves that how the Indian industries were made the scapegoats of Chinese economy.
And one of the worst sufferers of this have bern MSME sector as the government allowed the easy imports of products manufactured by this sector.
The major sectors affected by this are Electrical & Machinery, Garment sector, Plastic Parts, Leather Goods & Footwear, Iron & Steel Toys Organic Chemicals, PULP & Paper products, Ceramic & Glassware and Furniture. If we go through the data of sick or NPA units of banks most the MSME units are belong to these sectors, Jindal pointed.
FOPSIA President said “The signing of FTA may result into close down of industries at drastic speed resulting into unemployment and NPA’s of the Indian Banks.”
Thus the government requires changing its import policies to save the industries of this country.