GOOD SIGN

Source: The Hitavada      Date: 11 Oct 2017 14:40:45


THE Assocham survey, predicting a drop in sale of Chinese goods by 45 per cent this Diwali as compared to last year is a good sign for the country. China, which is dumping items of mass consumption at cheaper rates, was successful in capturing the domestic market. Even idols of Lord Ganesh and Goddess Lakshmi produced in China had made inroads in Indian homes, leave aside several other items like lampsheds, lights, firecrackers, gift items and plastic ware etc. People fell for Chinese goods as they were cheaper compared to home products. However, following a sustained campaign for use of ‘swadeshi’ goods, fetish for Chinese goods has started waning of late. China’s open support to Pakistan and incursions by its armymen on Indian side has created anti-China sentiments among the countrymen, with many making a resolve not to use Chinese goods at any cost. Though it is impossible to ban Chinese goods completely, people can definitely banish them if they wish to. If this happens, it will send a strong message to China, besides helping domestic industry.

PM’s CONCERN

THE concern of Prime Minister Mr. Narendra Modi over the rising demand for petroleum products and the need to raise domestic production, is understandable. As the economy grows and prosperity spreads across the cross sections of social strata, there is bound to be a spurt in the demand for energy, especially, petrol, diesel and gas. With the country importing over 75 pc of its requirement, it puts a huge burden on the foreign exchange earnings and eats a major chunk of foreign exchange along with gold imports, always threatening to upset the current account deficit (CAD). Two years ago Mr. Modi had set a target of reducing petroleum imports by ten pc to 67 pc. However, instead of reduction imports have been growing steadily, thanks to resurgence in automobile industry. Measures, therefore, have to be taken to reduce imports. Mr. Modi’s meeting with global oil majors on Monday was a step towards exploring the possibility of raising domestic production. The response from them appears to be positive.