The trade budget between India and China has created possibilities for India, the General Budget 2020-21 is trying its best to take advantage of them. The Finance Minister has not only introduced the country as a global manufacturing hub of mobile phones, chips, semiconductors but has also said that India is ready to be an important part of the global value chain. India has also made it clear that it is fully prepared to protect its industries from cheap imports. This is the reason why the customs duty on footwear, toys, etc. has been increased.
In other words, foreign companies setting up manufacturing units in China have been attracted towards India, although on the other hand, the message has also been given to Chinese companies to open manufacturing units in India. The middle of the trade war has reached a peak, which has not yet been repaired. Many American and other companies are considering moving their manufacturing site out of China. If these companies get a good environment then India can be their favorite place. While presenting the budget, the Finance Minister said, "I present an attractive proposal to manufacture mobile phones, electronic equipment, semiconductor packaging in India. These industries are very competitive and India can take advantage of low cost."
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Promoting domestic manufacturing can bring in more investment and also create more employment opportunities for our youth. Apart from this, she said that this policy can also be tried in cases of medical devices. She then announced a hike in customs duty to discourage imports of products such as footwear and furniture. The Finance Minister has also talked about reviewing free trade agreements so that foreign products coming in large quantities can be curbed.
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