Import Of Cheap Goods Pose Threat to Indian Markets: Jaishankar

ENA Sectors 2024-01-04 14:13:54 New Delhi, Jan 4 (KNN) On Wednesday, External Affairs Minister S Jaishankar urged Indian consumers to embrace locally manufactured products amidst concerns of cheap and heavily subsidized imports inundating the Indian markets. In an effort to control the influx of substandard imports, particularly from China, India has implemented various policy measures, including quality control orders (QCOs). Despite China remaining India's primary import source with a 4% increase to a record $98.51 billion in FY23, India faces challenges in exporting to China due to multiple non-tariff barriers. Commerce Minister Piyush Goyal clarified that India is not against imports, emphasizing that Atmanirbhar Bharat involves increasing exports while maintaining competitiveness in cost and quality. Despite a decline in exports in 2023, Goyal explained that the goal is not to close doors but to leave India's mark on the global stage. The Global Trade Research Initiative (GTRI) noted India's efforts to reduce reliance on Chinese items, showing positive results in the electronic manufacturing sector. Imports of finished electronic products and instruments experienced a decline, attributed to the early successes of India's Production-Linked Incentive (PLI) scheme, aimed at strengthening domestic manufacturing and reducing dependence on imported electronics. The decrease in imports alongside the growth in electronic exports suggests progress in India's capabilities in electronics manufacturing, according to GTRI. (KNN Bureau) 36143 https://knnindia.co.in/news/newsdetails/sectors/import-of-cheap-goods-pose-threat-to-indian-markets-jaishankar 2024-01-04 14:13:54 knnindia.co.in Import Of Cheap Goods Pose Threat to Indian Markets: Jaishankar