This refers to your front page report “China hits back, markets slip” (May 14). China’s (widely expected) response to the US action of raising tariffs on imports from China has, without doubt, set in motion the process of derailing of the global economy. Unless better sense returns and both sides agree to sit across the table and find some common meeting ground, there’s every likelihood of the world markets going on a downward spiral and possibility of a depression setting in.
Sadistic as it may sound, I think the situation offers a great opportunity to India. If we pull up our socks, we can certainly replace some of the Chinese goods in the huge US market. And, may be, it can be for good. India was indeed exporting a lot of these items to US before the Chinese juggernaut set in and made our goods relatively too expensive and our deliveries too undependable. Here’s a golden chance to reclaim our lost markets. Our exporters will have to be bold, look at the long run benefits, accept some price cuts at this stage, bolster their productivity and production efficiency even if that means investments in mechanisation and go all out to win over the US importers facing a vacuum. It is indeed doable. We just need the guts. The Indian exporter community can also learn some lessons from your fine editorial today — “Smaller peers racing ahead” — and endeavour to emulate Bangladesh and Vietnam. Opportunity doesn’t knock always; go out and grab it. I am sure the government will go out of its way to facilitate everything.
Perhaps, we can also have a good look at the possibility of our replacing some of the US exports to China.
Krishan Kalra, Gurugram
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