Aiming largely to reduce imports of non-essential commodities like toys, plastic goods, sporting goods, and furniture, notably from China, India is expected to complete higher quality criteria for 371 items by March.
The new restrictions, led by trade minister Piyush Goyal, would also apply to Indian producers in order to make them World Trade Organization-compliant while also reducing imports from China and reducing India’s trade deficit with its northern neighbour.
China imports $4 trillion worth of non-essential goods annually, according to the commerce ministry’s estimate. To choose a plan of action, Goyal called a conference of the ministers of commerce, industry, steel, telecom, heavy industries, and electronics on December 23.
371 items total, 111 fall under 61 fall under the ministry of industry, 61 under the department of chemicals and petrochemicals, 68 under the department of heavy industries, 62 under the ministry of electronics and information and technology, 44 under the steel ministry, and 25 under the telecom department.
There are currently 370 import standards. In the second phase, Goyal wants BIS to produce 5,000 standards in cooperation with other departments “Unnamed official from the ministry of commerce said.
The official claimed that there was virtually little market oversight of imports and compliance monitoring. “BIS must take action. BIS will be given assistance in this to increase its capacity so that it can assist the Indian domestic industry in adhering to the new quality standards “the representative noted. The growing trade deficit in India India chose not to sign up for the Regional Comprehensive Economic Partnership deal mostly due to its current trade deficit with China, which is $53.6 billion. India’s last-minute request for an auto-trigger system on all Chinese imports to protect itself from any unexpected spike in imports was rejected by China.
Goyal stated last month at an exports summit hosted by the Confederation of Indian Industry that the government was working to tighten quality controls to reduce imports of non-essential goods. Goyal criticised several industry organisations, saying that a number of them had evolved into the “B-team of import lobbyists” in an effort to thwart the government’s efforts to establish quality standards for imports.
“It hurts me to see how reliant on imports themselves industry bodies have grown.” that some industry organisations have switched from supporting domestic manufacturing to acting as the import lobbies’ backup team. I can tell you that won’t have an impact on the Modi administration. At least in those areas where we have a competitive advantage, we will strive tirelessly to boost local production, he continued.
