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Three data points indicate India’s imports from China are slowing: Lower electronics imports in FY23 than in FY22, lower growth in overall imports from China as against global imports, and a declining share of China in India’s imports in the past five years.
Is this an early sign of India’s inching away from many dependencies on China? Let’s see the details.
India’s import of electronics products (HS85) from China has decreased from $30.3 billion in FY22 to $27.6 billion in FY23. The slide is notable in electronics items, where the PLI (production-linked incentive) scheme is operational. For example, between FY22 and FY23, imports of solar cells, parts, etc. saw a decline of 70.9 per cent, laptops and PCs 23.1 per cent, and mobile phones 4.1 per cent.
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