Amid growing tensions with China, India has started clamping down on China on all fronts including economic. Consumer Affairs Minister Ram Vilas Paswan has said that the government is soon going to make strict rules to stop cheap imports from China. Meanwhile, retailers’ associations across the country have decided not to sell Chinese products. Sources say the government may expedite the process of stopping 371 Chinese goods. Also, it can ban Chinese companies’ investments in the country’s stock market.
Discussions are on between market regulator Sebi and the Department of Economic Affairs, Ministry of Finance, to ban Chinese companies’ investments. Sources say that investment of some Chinese companies may be stopped soon. At the same time, the telecom ministry has also instructed government and private telecom companies to stay away from Chinese products. The telecom ministry has directed state-run BSNL to reduce the utility of Chinese companies. In addition, e-commerce companies have decided to stay away from China’s products.
During the war between India and China in the year 1962, the stock market fell by 16 percent annually. At the same time, gold prices had fallen by 30 percent. This is stated in the RBI report for the year ended June 1963.
Over the past few years China has increasingly invested in India’s tech startups. Last year, China invested 35 thousand crore rupees through India’s 23 agreements. Among them are big names like Paytm, Jumeto, Biju and Ola.
CAT, a retailer’s organization, currently lists a boycott of more than 500 Chinese products. The list of boycott includes FMCG, TV and other consumer products etc. Preparing to increase customs duty on Chinese products The government is preparing to increase customs duty on products imported from China. Sources say that a list of such products is being made right now. China accounted for 14 percent of India’s imports last year.