China is still the largest source of imports for India
• During the All India Conference of China studies (AICCS) Sanjay Chadha, additional secretary Ministry of Commerce and Industry said "China is still the largest source of importing critical goods for India. From mobile phones to pharmaceutical goods China is largely importing items in India and so we are working towards reducing trade with China and on a pronged strategy that is the major concern than an imbalance in trade".
• According to Mr Chadha, 85% of mobile phone demands are met by foreign companies. If China stops supplying penicillin to India then India country wouldn't be able to produce it on its own. This is a matter of concern that Indian markets are controlled by foreign companies. So through a multi-pronged strategy, India is becoming self - reliant.
• India will boost domestic manufacturing by initiating the production linked incentive (PLI) scheme and challenges due to
Covid-19 have emerged as a big opportunity for accelerating the "make in India ''.
• Apple has started manufacturing in India. Moreover, now PLI will accelerate the investment under the scheme of hoping to capture the diversification.
Interestingly, steel imports dropped by $1 billion from $2.8 billion when China was replaced by South Korea for import.