India’s growth picture is looking very promising as the Assocham Secretary General Deepak Sood confidently declared that China’s loss will be sure shot gain for India. Sood is confident that India can tap an opportunity in areas of agriculture and carpets. “Barring a few segments, a large number of engineering exports from India can fill up the market vacated by China; so is the case with products like leather and leather goods,” he added while addressing the media.
The Indian market is significantly dependent on the Chinese supply as well. However, according to Sood, this is an opportunity for India to explore the strength of its self sufficiency and depend on the domestic manufacturer instead. The exporters feeling the tightness includes Indian exporters of electronics, pharmaceuticals, specialty chemicals and automobile segments that have heavily depended on China for raw material and are facing supply constraints.
This also becomes an apt moment for India to “scale up several of its sectors to compete effectively with China even when the Chinese exporters are able to normalise their global supply chain.” While showing concern over the pandemic, he also stressed on the fact that larger and healthier economies like India should be able to fill in the global gaps. ‘There is a need to approach the issue with a clear strategy,’ is Sood’s sentiment.
According to the latest PMI (Purchasing Managers’ Index) data, China’s factory output level in February has plummeted to the lowest in about two decades, and the consequences are bound to be felt in the global market, Assocham said. India, it is confirmed, has already started hunting for more than 1000 items for which it has already sent off email and letters across the globe looking for prospective suppliers. With the outbreak of the Covit-19 virus, China’s supply that accounts for 50percent of India’s imports has started to get stalled.
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