FOPSIA TO PM: Defer Proposed FTA With China
Author(s): City Air NewsLudhiana, January 9, 2016: Badish Jindal, president, Federation of Punjab Small Industries Associations (FOPSIA) has sent a letter to Prime Minister Narendra Modi, requesting for deferring proposed FTA with China....
cityairnews
Jan 9, 2016 12:30
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Ludhiana, January 9, 2016: Badish Jindal, president, Federation of Punjab Small Industries Associations (FOPSIA) has sent a letter to Prime Minister Narendra Modi, requesting for deferring proposed FTA with China.
The letter reads- “As you are fully aware of the fact that Ministry of Commerce is in process to sign Free Trade Agreement with China which we feel is fully against the interest of the economy of India as well as your ‘’Make in India’’ initiative. It is felt that the officers of the ministry of commerce are also favouring China by forming the pro China import policies. We wish to bring a few facts from the survey conducted by our organization in regard to the imports and Exports static’s between both the nations and the Highlights of this survey is as under:
India’s increasing trade imbalance with china is putting a question mark on the import-export policy of government of India. Besides the international slow down, the imports from China is increasing by 9% whereas the exports from India to china is decreasing by 25%. The more shocking figures are that India’s Exports to China which was 73000 Crore during 2014-15 is expected to dip down to 58000 crore during the current financial year. Whereas in the same period the imports from China may increase from 369000 crores to 410000 crores. Whereas this Import figure is also with the impact of under invoicing which is around 10-20% of the total imports.
Such a huge imbalance may devastate the economy of India. And at the same time it is more shocking that India is planning to sign Free Trade Agreement with China.
If we look at the import figures it is indeed an alarming figure that during 2014-15 India has imported electrical and Electronics equipments from China to the tune of 1.02 lakh crores which may further increase to 1.30 lakh crores during current financial year. In the same time, the machineries and mechanical equipments may increase from 62000 crores during 2014-15 to 70000 crores during 2015-16. The organic chemicals and fertilizers may increase from 58000 crores to 73000 crores during the same financial year. Similarly, the plastic products may also increase from 10000 crores to 11000 crores.
Whereas India is exporting purely the raw materials to China which is essential commodity for its own industries. The data clearly shows that from the total exports 73000 crores, India has exported the cotton of around 14000 crores, copper around 12000 crores, Mines and Millers around 15000 crores in 2014-15.
Both the import and export statements clearly indicates that negligence of the Govt of India is killing the industrial sector of the nation. Whereas on one side we are exporting our raw materials by importing the finished products from our rival country.
The alarming trade imbalance between India and China which was 296000 crores in 2014-15 may further increase to 350000 crores in 2015-16.
Moreover, the imports have already been increased from neighbouring countries like Bangladesh, Nepal, Srilanka due to South Asia Free Trade Agreement. So, we request you to kindly impose anti-dumping duty on all the products imported from China and initiate CBI investigation against officers of Ministry of Commerce.
We ardently request you to look into the matter failing which I undersigned along with my office bearers will start a ‘’Hunger Strike Till Death’’ if the Govt tried to force this FTA treaty to the Industries of India.”
Date:
Saturday, January 9, 2016
