Indian industries are seeking a limit on imports from China and a string of other measures to give local manufacturers a chance against a tidal wave of cheap Chinese imports.
Industry players also urged a policy on import substitution, the fixing of an inverted duty structure and cuts to costs of capital during a state-sponsored ‘Make in India’ workshop last week.
Prime Minister Narendra Modi’s government may raise duties within limits of the World Trade Organization to help shield local manufacturers from cheap Chinese imports, especially heavy industry, power equipment, and capital goods, reports said.
India has a wide $36 billion trade deficit with imports at $51 billion and exports at $15 billion. Equipment and machinery made up a quarter of Chinese imports last year at around $5 billion.