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HDFC Securities Institutional Equities
While India’s nominal gross domestic product increase of ~49% in the last five years is an encouraging development, it is worth highlighting that this growth has come at the expense of growing reliance on Chinese imports.
India’s imports from China have grown from $61 billion in FY17 to $93 billion in FY22, accounting for 16% of overall imports on average over this period.
Currently, the key goods imported from China are mainly electronic goods, mechanical appliances, and chemicals.
In the wake of pandemic-led global supply chain disruptions, India has realised the importance of reducing its dependence on China and creating a self-sustaining manufacturing ecosystem.
The production linked incentive is the government’s flagship fiscal response to the country’s rising import dependence, which aims to boost the country’s manufacturing sector from 15-17% of the total GDP at present to a target of 25%.
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