India can compete with China on services front: Report

July 08, 2020 13:07

The latest research report from State Bank of India's Economic Research Department, authored by Dr Soumya Kanti Ghosh, SBI's group chief economic adviser, points out that India's import dependence from China in numbers is maximum in low-value imports, 6844 products at $65.3 bn.

However, the report also points out, 'Data on services and merchandise trade exports shows that India can definitely compete with China on the services front. India exports a far greater amount of Telecommunications, Computer, and information services than China. However, China is rapidly catching up and India needs to buckle up.'

The report adds, 'Although the ban on 59 Chinese apps, which are quite popular in India, is based on security concerns, it does provide the local tech companies the space to develop apps which can compete with them. India, with its huge IT base can thus focus more on services while building capabilities in goods exports will take more time to improve its overall trade balance.'

You can read the full report here.

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