No fancy Chinese product this festive season; CAIT launches campaign to hit dragon’s profit from India

By: |
Updated: Jul 08, 2020 7:48 PM

The CAIT made an elaborate strategy to ensure sufficient goods made in India are available across the country from Rakhi in August till Diwali in November

In an extension to the nationwide rage against Chinese products, the Confederation of All India Traders (CAIT) has launched a campaign to boycott Chinese goods in the upcoming festive season till November. The CAIT made an elaborate strategy to ensure sufficient goods made in India are available across the country from Rakhi in August till Diwali in November, said  Praveen Khandelwal, Secretary-General, CAIT. The confederation has called the campaign “Indian Goods – Our Pride” and mentioned that traders and consumers will unite to cut Chinese imports by Rs 1 lakh crore by December 2021.

Complying to Prime minister Narendra Modi’s Aatanirbhar Bharat mission and agitated from the brutal face-off between Indian and Chinese troops at Galwan valley, various sections of industry, businesses, and the state governments have stepped up to boycott Chinese goods. While the central government put a ban on 59 Chinese apps, various state governments have put Chinese projects on hold and have announced to defer further contracts with the Chinese firms.

Earlier this week, CEO and MD of JSW Group Sajjan Jindal also urged the industry that this is an opportunity to come together and push for a stronger Aatmnirbhar Bharat, hence the industry should support domestic producers in achieving quality and scale. The JSW Group also pledged to bring down $400 million worth of imports from China to zero in the next 24 months.

Meanwhile, India has already cut its import dependence on China by half in the last financial year. However, it must avoid sudden decisions and must take a measured approach to slash import dependence further as Prime Minister Narendra Modi raises pitch for Make in India and ‘Vocal for Local’, said a report by SBI. However, India still imports 823 products from China worth $3.9 billion. Most of these imports are organic chemicals, tools and products made from base metals, toys, furniture etc.


Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Sharp recovery on, expect GDP & GVA numbers to converge soon: Sanjeev Sanyal
2Clear recovery underway but much better GVA & Q4 growth crucial for any sharp upturn: Rangarajan
3Rishi Sunak plans new infrastructure bank in UK Budget: Report