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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.

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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.

Press Trust of India Mumbai
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 trade deficit with the northern neighbour by $ 8.5 billion in a single year, a report said on Monday.
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.
Stand-offs at the borders in Ladakh, which resulted in a brutal killing of 20 Indian army men including a colonel, have led to widespread

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First Published: Jun 22 2020 | 8:20 PM IST

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