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New Delhi, June 27: The Prime Minister Narendra Modi-led union government of India is not ready to stop all imports from aggressive China in spite of mount calls to boycott Chinese products in India.

The Centre is reportedly considering to stop only non-essential imports from the neighbouring country.

However, the Inward shipment in sectors such as automobiles, pharmaceuticals, certain electronics and others will continue until a domestic alternative is found.

“India will gradually move towards import substitution. It will not happen overnight. In the meantime, attention has to be paid on production and job creation. We cannot throttle our industry. There are certain absolutely essential imports. Needless to say, those will keep going,” official sources said.

Sources said that both the government and the industry are in the process of identifying products that can be domestically manufactured in the medium term. There are certain chemicals, automotive components, handicrafts, cosmetics, agriculture items and certain consumer electronics, which can be manufactured domestically in the short to medium term. The government is doing all it can to raise the capacity of domestic industries.

However, there are certain other imports in the automobile and the pharmaceutical sectors which cannot be done away within the short to medium term. Their domestic production at the moment may not be that cost-effective.

The six-crore strong traders’ body CAIT has been at the forefront of such a demand and has launched a campaign to celebrate Indian Diwali this year with a total absence of Chinese goods.

“Ease of doing business, capital availability at lower rates and globally competitive logistics and energy costs are some of the prerequisites that the government should look into to ensure the growth of the domestic auto component industry,” according to Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta.

Maruti Suzuki Chairman R C Bhargava said, “People who are boycotting Chinese goods have to remember that in some cases it may lead to their being asked to pay more for the same product."

Meanwhile, domestic rating agency Acuite Ratings & Research has analysed the current import portfolio from China and found 40 sub-sectors have the potential to lower their import dependency on China. These sectors contribute to $33.6 billion worth of imports from China and about 25% of these imports can be substituted by local manufacturing without any significant additional investments.

Dubai, Mar 9: The eyes of the world will be on the oil markets when the big trading hubs in Europe and North America open following the end of the deal between Saudi Arabia and Russia that has helped to sustain crude at relatively high levels for the past three years.

There were big falls on Friday when ministers from the Organization of the Petroleum Exporting Countries (OPEC) failed to get a deal with non-OPEC members — the so-called OPEC+ — to extend output agreements. Brent oil was down nearly 10 percent at $45.27 going into the western weekend.

Saudi Aramco took immediate action to cut prices after the OPEC+ collapse, offering big discounts for crude deliveries from next month, when the current output restrictions end.

According to a notification sent to customers by Saudi Aramco, seen by Arab News, the Kingdom’s oil giant will cut between $4 and $8 per barrel, with the biggest discounts being offered to buyers in northwest Europe and the US.

Roger Diwan, an oil analyst at consultancy IHS Market, said: “We are likely to see the lowest oil prices of the past 20 years in the next quarter.”

West Texas Intermediate, the US oil benchmark, fell to $28.27 in November 2001.

The move raises the possibility of a “crude war” between the three biggest oil blocs — the US, Russia and the Arabian Gulf. Some analysts believe the American shale industry is more vulnerable to low prices than either the Russians or the Saudis.

Robin Mills, head of the Qamar consultancy, told Arab News: “I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure. But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”

The boom in US shale has made the country the biggest oil producer in the world, but with high financing costs. Lower global prices would put a lot of shale companies out of business.

On the other hand, American motorists, and President Donald Trump, would be pleased to see lower fuel prices in an election year.

In Moscow, one prominent financier with ties to the Kingdom played down the long-term significance of the Vienna fallout.

Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told Arab News: “Saudi Arabia is our strategic partner, and cooperation between our two countries will continue in all areas. We will also continue to work within the framework of the Russia-Saudi Economic Council.”

One Russian official, who asked not to be named, added: “There is a good relationship between Alexander Novak, Russian energy minister, and his Saudi counterpart Prince Abdul Aziz bin Salman, and I am sure they will continue talking to each other less formally.”

Wayanad, Jan 30: Congress leader Rahul Gandhi on Thursday compared Mahatma Gandhi assassin Nathuram Godse with Prime Minister Narendra Modi, saying both believed in the same ideology.

Gandhi, at an anti-CAA rally here, launched a scathing attack on Modi and said he was making Indians to prove that they are Indians.

Addressing participants at "Save the Constitution" march at Kalpetta in Wayanad, his Lok Sabha constituency on Martyr's Day, Gandhi said there was no difference between Godse and Modi.

"Today, an ignorant man is trying to challenge Gandhi's ideology. He is creating an atmosphere of hatred. The ideology is same. Nathuram Godse and Narendra Modi, they believe in the same ideology. There is no difference except that Modi does not have the guts to say he believes in the ideology of Godse," the Wayanad MP said.

Attacking the Prime Minister on the new Citizenship Law, Gandhi questioned Modi and asked who was he to ask Indians to prove that they were Indians.

"Indians are being made to prove that they are Indians. Who is Narendra Modi to decide who is an Indian. Who gave Modi the licence to ask for my Indianness? I know I am an Indian and I don't have to prove it to anyone. Likewise, 1.4 billion Indians do not have to prove that they are Indians," he said.

The Congress leader led the march here as part of efforts to intensify the party's protests against CAA in the state.