Increasing imports of goods such as umbrellas, toys, certain fabrics, and musical instruments are severely hurting MSMEs as many of these products are also made by domestic businesses, according to think tank GTRI.
The report said that during January to June 2024, India exported goods worth only USD 8.5 billion, while imports stood at USD 50.4 billion, resulting in a trade deficit of USD 41.9 billion.
This low export and high import makes China India's largest trade deficit partner.
"China accounts for 29.8 per cent of India's industrial goods imports. India must invest in deep manufacturing to cut dependence on import of critical industrial products from China," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.
He said that these imports from China are "hurting" Indian MSMEs, as many of the imported products are also made by these local businesses.
He noted that the cheaper Chinese goods make it tough for MSMEs to compete, leading to struggles for survival.
Diese Geschichte stammt aus der September 02, 2024-Ausgabe von The Free Press Journal.
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Diese Geschichte stammt aus der September 02, 2024-Ausgabe von The Free Press Journal.
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Homage paid to setting sun
CHHATH CELEBRATED ACROSS INDIA
