FIEO: Boycotting Chinese Products May not be achievable
Boycotting Chinese products is not achievable for India as the domestic industry is dependent on the inputs or the raw products from the neighboring countries, Federation of Indian Export Organisations (FIEO) President S K Saraf said that on Thursday that India needs to be cautious while banning or before banning the Chinese products.
It is “not feasible as we are dependent so much on Chinese products,” Federation of Indian Export Organisations (FIEO) President told reporters.
In the hike of increasing border tensions between India and China, voices are getting stronger to restrict or boycott Chinese goods in the country.
He added that it should be left with the people whether they want to buy Chinese goods or not.
FIEO Director General Ajay Sahai said “knee jerk” reaction on Chinese goods is not good.
According to the federation, India’s exports to China grew from USD 16.5 to USD 16.95 billion in 2019 while imports declined from 73.8 billion to 68.2 billion in 2019.
Similarly, India’s exports to Hong Kong in 2019 stood at USD 11.5 billion as against imports of USD 17.3 billion imports.
FIEO president SK saraf also added that “We need to look into the totality of trade with China and Hong Kong. Much dependence on China can be reduced with short to long term plans,”.
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