Coronavirus means COVID-19 where the world community has been apprehensive-terrorized. Along with this, India is also looking for an opportunity under its negative impact. Along with this, India is preparing to become an alternative to China in five areas of world exports. The Commerce and Industry Ministry has called a meeting of all the partners on Thursday to capitalize on this opportunity. In addition, the Export Promotion Council will be accompanied by representatives of the industrial organization at the meeting.
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According to the Commerce Ministry report, India is a rival to China in the global export market in areas such as electrical items, vehicles, organic chemicals, apparel, and cloaking accessories and leather. At present, China is not able to export. India is trying to take advantage of this inefficiency of China. In addition to these five areas, new export markets are being sought in areas such as Shrimp, Mineral Oil, Cotton Fibers, Yarn and Copper. Along with this, the world market is expected to get supplies from India in areas like Homeware, Lifestyle Goods, Ceramic Tiles. According to sources in the Commerce Ministry, the proposed meeting on Thursday will also consider the search for alternative markets for those items for which India is heavily dependent on China. Along with this, they mainly include raw materials (APIs) required for making electronics, electrical components, auto components, and medicine.
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According to Commerce Ministry sources, only practical steps can be taken to fill the gap created by China in the global supply chain. This is because 90 percent of the major manufacturing companies in China have started production. Currently, 60 percent of migrant workers are yet to return to work in China. In addition, the Chinese government has set a target to resume production by 80 percent by the end of March. According to sources in the Ministry of Commerce, the Jiangsu-based pharma industry of China has started work, while India imported raw materials worth $ 1.8 billion (about Rs 12,600 crore) from Jiangsu in 2019 for pharmaceutical manufacturing.
