Published Oct 2, 2022
2 mins read
400 words
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Economics

Now Indigenous Shine In The Festive Brilliance Of The Market

Published Oct 2, 2022
2 mins read
400 words

After two years, there is good news for the prosperity of the country from the market in the midst of the festive season. This time, instead of Chinese, there is a shine of indigenous goods in the markets. In fact, the import of sculptures and decorative items from China has almost stopped. Due to the apathy of most people about the goods coming from China, most of the importers have stopped ordering the goods. This is the reason that every year goods worth ₹ 20-25 thousand crore used to come from China, but this time it did not come.

According to the data of the Confederation of All India Traders (CAT), idols and decorative items worth Rs 500 crore used to come from China earlier for the Ganesh festival. This did not happen this year. Cat says that most of the idols this year were made of mud or cow dung. Apart from this, sculptures worth Rs 300 crore made from metals like bronze and brass, which were earlier imported from China, are now being made in the country itself. While small businessmen have benefited from this, employment has also increased. The most important thing is that instead of going to China, the country's money has been spent in the country itself.

According to commerce ministry data, last year India imported goods worth $ 87 billion, or about Rs 6.9 lakh crore, from China. Of this, imports of 62% i.e. $ 54 billion were from top-10 high value products like electronics. This means that the import of low-value products like toys and firecrackers has started decreasing. However, imports of high value items are increasing.

According to an analysis by the PHD Chamber of Commerce and Industry, India is able to reduce imports from China by 40% in the coming years. This will save foreign exchange of Rs 2.75 lakh crore. Chamber President Pradeep Multani said that most of the things that are being imported from China have started being made in the country, although at present it is happening only on a small scale. We just want to increase production.

CAT's National General Secretary Praveen Kumar Khandelwal said that the annual import of idols and decorative items from China has been worth 20-25 thousand crores. In this, more than half of the business is done from Ganesh festival to Diwali. Imports of these items are likely to be negligible during festivals this year. 

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jamil.fathu 10/19/22, 3:08 AM
Nice

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