Aatmja Kumari(Intern Journalist): The two reports came together on Monday to describe India’s growing economic power over China. One, after many years, India has exported more steel to China than it imports from there. Second, in the first five months (April-August) of this business year, imports of all types from China declined by 27.63 percent.
In a report released on Monday, Crisil Research said that for the first time in many years, India has become a net exporter of steel to its neighboring aggressor China. Between April and August, India sold 69 percent of its semi-finished steel and 28 percent of finished steel to China. India exported 60–80 percent of the total production during this period. Of this, China exported the most.
Steel imports increased in these five months due to supply constraints in China and a surge in global iron and price. China derives more than 90 percent of its requirement from iron and imports. Due to the fall in global steel prices between February and June and the rise in the price of iron ore, China increased the import of semi-finished steel. This led to more than two-thirds of India’s semi-finished steel being exported to China between April and August.
Meanwhile, Commerce and Industry Minister Piyush Goyal said in a written reply in the Lok Sabha that the imports from China to India during April-August fell by 27.63 percent to $ 21.58 billion from the same period a year ago. He said in a separate reply that the government is not yet considering any proposal to withdraw the status of Most Favored Nation (MFN) to China. Later in a press conference, he said that the country’s exports are increasing. In the first two weeks of September, exports increased by 10 percent over the same period a year earlier.
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