New Delhi: The neighboring country China is not deterring from its antics. China has border disputes with almost all its neighboring countries. Recently, in the Tawang sector of Arunachal Pradesh, Chinese soldiers tried to enter the Indian side. However, the Indian soldiers repulsed them badly. Now the Modi government at the center has made up its mind to take major economic decisions against China. It is likely to be announced in the budget to be presented in Parliament for the year 2023-24.
According to the report, a big announcement can be made in this budget regarding measures to reduce India's import dependence from China. Taking forward its campaign of 'Self-reliant India', the Modi government can take tough decisions. Two officials related to this matter have given information about this. With this decision of the Central Government, there may be a ban on the entry of products manufactured in China into India. For China, it will be no less than a surgical strike, because India is a big market for Chinese goods. However, India will continue to import raw materials from its neighboring countries.
An official has pointed out that one way to check imports of finished products into China is through customs re-checks. Customs duty on several items is likely to be restructured. Increasing it can be considered. The official also said that the government can also encourage its 'Make in India' campaign in this budget. Indian companies and government departments have banned more than 100 Chinese products so far. These include polyester yarn, optical fiber, solar cells, vinyl tiles, saccharin, eye lenses, various steel items, chemicals, ceramics, tableware, kitchen utensils, manufactured glassware, aluminum foil, and pharmaceutical formulations such as amoxicillin and ofloxacin.
At the same time, another official has said that serious consideration is being given for appropriate action against China. It is expected that this issue will be resolved in this budget. He said, 'Recently there has been a decline in imports from China. The drop in prices could also be a factor due to the lack of global demand. The government's Atmanirbhar Bharat policy has also played a major role in this.' Let us tell you that according to the data of the Ministry of Commerce, in October 2022, India's goods imports from China fell by 9.73 percent to $7.85 billion. It was $8.7 billion in the same month a year ago.
Experts said the government's trade policy to promote local manufacturing and the Production Related Incentives (PLI) scheme are working well in reducing excessive dependence on China. They say that the budget can aggressively pursue the same policy line.
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