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India has the ability to reduce dependence on China, cut deficit: Report

The trade deficit contraction estimate has been made for FY22, assuming for a fourth of the items in the 40 specified sectors being sourced locally, Acuite Ratings and Research said.

Topics
India-China border dispute | India China relations | Chinese goods boycott

Press Trust of India  |  Mumbai 



msme, jobs, workers, supply chain, industy, manufacturing
In FY20, India imported goods and services valued at $ 65.1 billion to China and could only garner $ 16.6 billion in exports resulting in a trade deficit of $ 48.5 billion, it said.

Even though India relies on sizeable Chinese imports, there are 40 sectors where domestic substitutes do exist and switching part of the requirements to local alternatives can reduce the with the northern neighbour by $ 8.5 billion in a single year, a report said on Monday.

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First Published: Mon, June 22 2020. 20:20 IST

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