Categories: Economy

China’s imports into India were less than 2% of the total basket in 1997, today Chinese products dominate the market

China, which was India’s 18th largest importer in 1997, today dominates a chunk of the country’s market. Chinese products – finished as well as raw materials– have made inroads into every nook and corner of the country. In 1997, the total imports comprised just 1.9 per cent of the total basket, a report by the State Bank of India said.

“In principle, China has spread out in all other categories, including low value manufacturing to high value capital and electrical good imports to India,” the report said.

According to the report, India imported over 800 products – each with import value less than $100 million but in total it adds up to a whopping $3944 million.

“In terms of low value imports if we take commodities with an import value of less than $100 million, but which command more than 90% share in our imports, we have 823 products imported from China worth $3944 million,” it said.

The products include organic chemicals, machinery and mechanical appliances, textiles and textile Articles. Besides, India imported iron and steel, tools and products made of other base metals apart from miscellaneous manufactured finished items such as toys, furniture, articles of stone, plaster, cement, ceramic products, glass and glassware, plastics, rubber and footwear in the low value category. The items are a mix of finished goods and intermediate inputs and India has a revealed comparative advantage in many of these imports, the report revealed.

India’s trade, however, with mainland China and Hong Kong has shown a drop of 7 per cent in 2019-20 to $109.76 – the sharpest fall in the last seven years. In 2018-19, trade between the two countries grew by only 3.2 per cent after a huge increase of 22 per cent in the previous financial year.

There has been an unprecedented rise in anti-Chinese sentiment in the country after the military aggression over the Line of Actual Control (LAC) by the dragon nation which left 20 Indian soldiers dead. However, the sentiments had started showing up since March in the wake of the coronavirus pandemic which dented India’s economic activities leaving many jobless and others with lower wages..

AddThis Website Tools
indianarrative

Recent Posts

J-K conducts flood mock drill in Pahalgam to bolster Amarnath Yatra preparednessJ-K conducts flood mock drill in Pahalgam to bolster Amarnath Yatra preparedness

J-K conducts flood mock drill in Pahalgam to bolster Amarnath Yatra preparedness

The Jammu and Kashmir Disaster Management Department conducted a mock drill simulating a Glacial Lake…

2 hours ago
IIT Guwahati develops low-cost water treatment system to remove fluoride, ironIIT Guwahati develops low-cost water treatment system to remove fluoride, iron

IIT Guwahati develops low-cost water treatment system to remove fluoride, iron

The Indian Institute of Technology (IIT) Guwahati researchers have developed a community-scale water treatment system…

5 hours ago
Union Minister Bhupender Yadav chairs workshop on Management of Human-Wildlife ConflictUnion Minister Bhupender Yadav chairs workshop on Management of Human-Wildlife Conflict

Union Minister Bhupender Yadav chairs workshop on Management of Human-Wildlife Conflict

Union Minister for Environment, Forest and Climate Change, Bhupender Yadav on Friday chaired an Interactive…

5 hours ago

Rights body VBMP demands immediate release of Baloch students amid widespread condemnation of enforced disappearances

The Voice for Baloch Missing Persons (VBMP) has demanded the swift release of two Baloch…

6 hours ago

Israeli fighter jets strike missile manufacturing industrial sites in Iran: IDF

The Israeli Defence Forces shared that on Thursday night it targeted the missiles manufacturing sites…

8 hours ago

Bihar: PM Modi to flag off Vande Bharat Express from Patliputra to Gorakhpur, unveil Rs 9,300 crore projects

Prime Minister Narendra Modi is set to flag off the Vande Bharat Express connecting Patliputra…

9 hours ago