In order to have a deep understanding of Trade realities between India and China and to assess the implications, the Department of Management Studies, PIET organized the webinar on ‘Realities of Indo- China Trade” by Prof. (Dr.) Suresh Kumar Bedi an eminent scholar and Management thought leader.
The expert told that in addition to its low labor costs, China has become “the world’s factory” because of its strong business ecosystem, lack of regulatory compliance, low taxes and duties, and competitive currency practices. China accounted for over 5% of India’s total exports in financial year 2019-20 and more than 14% of imports. Meaning, India runs a huge trade deficit with China, the biggest exporter to India. While the absolute value of imports from our neighbor may have fallen, their share in the overall pie rose from 13.68% in the previous fiscal. India, according to state-backed Invest India data, is the seventh largest export destination for Chinese products.
More than 100 participants including teachers, students benefitted from the session and get to know some interesting facts related to India and China Trade patterns in India. During the query session, participants cleared their doubts related to ways to reduce dependence on Chinese products while promoting indigenously manufactured items.
Dr. Akhilesh Kumar Mishra, HOD, Department of Management Studies thanked the expert and audience with great applause.