India imports a lot from China. During Apr-Dec 2019, India recorded the highest import of US$51,912.03 million from China, which is 14.34% of total imports. Whether it is electronics, telecom or pharma China is the top source of imports for India.And therefore post lock down, in current economic scenario, when local has to be vocal and global, this business segment gives the startup idea.
India has a population of 133 Cr, of which the majority is young and many facing the problem of unemployment then why relies so much on import from China?. While China having a population of ar. 138cr doesn’t import much from India. Only 5%of India’s total exports are made to China. This difference if we analyze, shows opportunity for the young Indians to make in India and start an enterprise
Here we analyze, the commodities, for which India depends on imports from China. (Source: Monthly Bulletin on Foreign Trade Statistics by DGFT, India)
From April to Dec. 2019
- Electric Components: Of the total import of electric components by India, 38.7% are imported from China.
- India imported US$2068 million worth personal computer, laptop, palmtop, computer hardware from China, the most dominant source of import.
- Telecom Instruments, Monolithic Integrated circuits digital – generally used in computer and phone devices. Of the total import of telecom instruments by India, 40.41% are from China.
- Organic Chemical: Of the total import of Organic Chemical by India, 26.86% are imported from China.
- Machines for the reception, conversion, transmission and regeneration of voice, images or other data, including swift import is worth Us$ 752 million.
- Industrial Machinery for Dairy etc. Of the total import of Industrial Machinery for the dairy industry by India, 33.8% are imported from China.
- Iron and Steel: Of the total import of Iron and Steel by India, 10.71% are imported from China
- Active Pharmaceutical Ingredients: Of total medicinal drugs and intermediates imports more than 60% are from China.
As Chinese products are cheaper, user-friendly and innovative, it becomes a very cost-effective option for Indian manufacturers.
Now the Government policies encourage Make in India, start-up financial support and tax benefits are also available. There is a huge scope especially for Indian electrical or electronics engineers, B. Pharm graduates, chemical engineers to innovate and start their own venture in the above-mentioned segment of products.
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