India to tighten imports from Asia |
As the Indian economy opens up after the Corona imposed lockdown, the government is focusing on Making India the new manufacturing Hub for the World. After the recent tiff with China, India imposed bans on imports from China, China is India`s second-biggest trading partner, with trade worth $87 billion in the fiscal year ending March 2019. Now, the Govt. is considering measures to prevent trade partners mainly in Southeast Asia from rerouting Chinese goods to India with little added value, amid strained ties with Beijing and a push for self-reliance. According to the sources, India is planning to raise quality standards of imports, impose quantity restrictions, mandate stringent disclosure norms and initiate more frequent checks at ports of entry for goods coming from many Asian countries. The move will mainly target imports of base metals, electronic components for laptops and mobile phones, furniture, leather goods, toys, rubber, textiles, air conditioners and televisions, among other items which were so far imported from China. Last week, India`s trade ministry issued a notice to restrict inbound shipments of TVs by requiring importers to get a special licence. This will not only hurt China but will also impact other Asian countries like Malaysia, Thailand, Vietnam and Singapore - members of the Association of Southeast Asian Nations with which India has a free trade agreement.
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