He said, “India has become a big market for low-quality Chinese products. In 2003-04, India’s imports from China were worth USD 4 billion. Our imports from China increased in 2013-14 due to the large quantity of Chinese products coming to India. 51 billion. We have increased our dependence on China to a great extent, which has suffered year after year for the growth of the Indian economy.”
The Minister said that in order to reduce imports from China, the Center has come up with a PLI scheme of Rs 1.97 lakh crore for semi-conductor and 24 other sectors. As a result, it will be possible to produce international quality products in India. In this context, he said, “Earlier, India used to import almost 100 percent of mobile phones. There were only two mobile manufacturing factories in India. But, thanks to the PIL scheme, there are now more than 200 companies in the mobile phone manufacturing ecosystem. Those who only Not importing for India. India is now one of the largest exporters of mobile phones in the world.”
He, however, said that India’s trade deficit will be higher this year. Piyush claims that it is because of the increase in economic activity.