CURRENT AFFAIRS

Detailed explanation-1: -India stands to lose when the US–China trade war applies also to India, which faces higher tariffs from both. India’s losses increase further when India responds by increasing its tariffs on imports from the United States and China. In fact, reducing own tariffs could be a wiser step.

Detailed explanation-2: -India imported $89.66 billion worth of goods from China in the first nine months of 2022, the highest on record for three quarters in any year.

Detailed explanation-3: -Iron ore and its derivatives make up 53% of our total import to China, with other prominent raw materials being plastic, rubber and inorganic chemicals. China’s strategy over the years has been to import raw material from countries and export finished goods at higher prices.

Detailed explanation-4: -Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme. Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour oriented textile export has been implemented since 07.03. 2019.