CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India's growing reliance on Chinese industrial goods raises substantial economic and security issues, with China's proportion of New Delhi's imports expanding from 21% to 30% in the last 15 years. It necessitates a deliberate review of import policies in order to develop diverse and resilient supply chains.
Report Highlights
Trade Deficit Concerns.
Over the last five years, India's trade deficit with China has grown to more than $387 billion.
India's exports to China have stayed flat at $16 billion per year, but imports from China have increased to more over $101 billion in 2023-24.
Import Dependency Dynamics
China's portion of India's industrial goods imports has increased dramatically, presently accounting for 30% vs 21% fifteen years ago.
China's exports to India increased 2.3 times faster than India's total imports from other countries.
Sectoral Dependency
Electronics, telecommunications, machinery, chemicals, pharmaceuticals, iron, steel, base metals, plastics, textiles, vehicles, medical equipment, leather, paper, glass, ships, and airplanes are among the key industries seeing significant increases in import dependency.
Specific Sectoral Import Trends
The electronics, telecommunications, and electrical products industry had the largest import value, with China contributing 38.4%.
Chinese machinery imports account for 39.6% of India's overall imports in the industry.
China currently accounts for 29.2% of India's chemical and pharmaceutical imports.
Imports of plastics and related items from China make up 25.8% of India's overall imports in this industry.
Need For Strategic Action
Urgent emphasis on research and development in the capital goods and mechanical industries.
Upgrading intermediate goods sectors such as organic chemicals, APIs, and plastics.
Studying local production potential for products now imported from China, particularly in industries dominated by micro, small, and medium-sized enterprises (MSMEs).
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