Indian exports to China witness growth from US$ 13.33 billion in 2016-17 to US$ 21.19 billion in 2020-21

#Exports #MakeInIndia #ChineseImports

The Government of India has made sustained efforts to achieve a more balanced trade with China, including bilateral engagements to address the non-tariff barriers on Indian exports to China

February 2022 : The exports from India to China have increased from US$ 13.33 billion in 2016-17 to US$ 21.19 billion in 2020-21, exhibiting growth. The trade with China was US$ 87.07 billion in 2018-19, which registered a decline in 2019-20 to US$ 81.87 billion, and was US$ 86.40 billion in 2020-21.

The Government of India has made sustained efforts to achieve a more balanced trade with China, including bilateral engagements to address the non-tariff barriers on Indian exports to China. The Government has also taken measures in the form of trade remedies (Anti-dumping, countervailing duty etc.) against unfair trade practices and formulated technical regulations and also issued quality control orders to check substandard imports. Efforts have also been made to source critical supplies from alternate sources and sensitize the concerned ministries/departments to ramp up domestic capacities.

The Government has also launched schemes such as Production Linked Incentive Schemes (PLIs) to promote domestic manufacturing capacities in critical sectors such as Key Starting Materials (KSMs)/Drug Intermediates (DIs), Active Pharmaceutical Ingredients (APIs), domestic manufacturing of Medical devices, apart from electronic components & mobiles, white goods (ACs and LEDs), Specialty Steel, Food Processing industry, High efficiency Solar PV modules, Drones and Drone Components etc. These schemes will promote domestic manufacturing capacities and attract investment and reduce dependency on imports from China.

Government of India follows a multi-pronged strategy to promote trade in services, which involves negotiating meaningful market access through multilateral, regional and bilateral trade agreements, trade promotion through participation in and organization of international fairs/exhibitions and addressing domestic sectoral challenges and difficulties which are identified through periodic consultations with the stakeholders. Moreover, efforts are made to engage with the nodal Ministries/Departments to pursue a domestic reform agenda to make the services sector competitive globally.

Pro MFG Media Newsletter

Get regular manufacturing insights that matter and enable business.