China has emerged as the largest source of India's imports in
the last two years forcing the Commerce and Finance Ministries
to take recourse to safeguard and anti-dumping measures.
India's imports from China almost doubled to USD 24.16 billion
dollar in April-December 2008-09 from USD 12.64 billion in the
comparable period of 2006-07, according to the Reserve Bank
of India.
"China continued to be the single largest source of
imports, with a share of 10.3 per cent in total imports followed
by Saudi Arabia, UAE, the US and Switzerland," the RBI
said in its latest bulletin.
The country has imposed anti-dumping duty on imports of several
products to guard domestic industries from surge in cheap
imports.
The items include fabrics, nylon tyre cord, yarns and certain
high-end stainless steel products. Several investigations
are under progress.
Experts feel with recession in the US and Europe, the major
markets for both India and China, the two Asian countries
would see increased level of trade.
"Major markets for both India and China are in recession
and this provides an opportunity for the two Asian countries
to increase their exports and imports," Principal economist
with CRISIL D K Joshi said.
The central bank further said that India's overall merchandise
imports witnessed a growth rate of 44.9 per cent during April-September
2008, and thereafter it showed deceleration, reflecting the
slowdown in industrial activities due to the global economic
crisis.
India's imports grew by 14.3 per cent in 2008-09 to USD 287.75
billion from USD 251.65 billion in the previous fiscal.
Source: PTI
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