Cong media cell chief slams cut in import duty
Congress media cell chairperson CP Rai on Wednesday attacked the NDA govt for drastically reducing or eliminating import duties on many products from China.
Terming it as a “very unfortunate step for the Indian economy”, Rai said “adverse effects (can be) expected soon.”
He questioned whether reducing import duties on Chinese products in the Budget is part of Modi’s “swing diplomacy” to allow the Chinese market to dominate the Indian economy.
Questioning the relationship of the RSS, BJP, and NDA govt with China amid the ongoing India-China border dispute, Rai said: “The harsh reality is that China is using the economic benefits against India by occupying and conspiring at our borders.”
Taking reference from the Economic Survey, he said: “The survey has revealed that bilateral trade between India and China is approximately 118 billion dollars for the year 2023-24, with India’s exports to China being only around 17 billion dollar, resulting in a trade deficit of over 84 billion dollars.”
The new budget announced a 5% reduction in import duty on mobile phones, potentially lowering costs for high-end models like Apple's iPhone Pro and Google's Pixel. Most phones are made in India and local production isn't likely to be impacted. The measure aims to benefit consumers without harming domestic manufacturers.
India's gem and jewellery industry welcomed Budget 2024's reduction of customs duties on gold, silver, and platinum to 6%, and the removal of the 2% levy on rough diamonds. This will likely increase domestic sales and make India more competitive globally. Gold and silver prices fell after the announcement.
India plans to benefit from the China Plus One strategy to boost its economy, aiming for third place globally. The 2023-24 Economic Survey emphasized the need to attract Chinese investment, noting the challenges posed by changing geopolitics and climate issues. Strong collaboration between governments and private sectors is crucial.
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