24 JUN,2019 | MEDC
An internal research paper of the Commerce Department said that up to 151 items of Indian exports to China have the potential to replace identical products which that country imports from the US. The government has also broadly identified 774 items on which immediate policy action can be undertaken to boost exports. China’s imports of these 774 products from the US are worth $20.4 billion. This is good news for the Indian economy. With an expanding middle class and rising labour costs, China’s dominance over the labour intensive and low end manufacturing space in the near future is expected to diminish. India needs to act speedily to fill in that gap, especially as there are several manufacturing-related areas where we enjoy an edge over other developing nations. The global trade architecture is changing and India must learn to shape it to its advantage.
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