New Delhi: As the Indo-China tension flared up amid the ongoing coronavirus crisis that also erupted from a city in China, the boycott movement against Chinese products appears to have overtaxed itself. Also Read - TikTok Returning in India After July 22?
The bilateral trade between China and India totals to a sum of Rs 6 lakh crore, of which India’s import of goods and services are worth Rs 4.9 lakh crore. On the other hand, the exports remain below one-fifth of the imports at Rs 1.17 lakh crore. Also Read - Amazon Employees Receive 'Delete TikTok' Email, eCommerce Giant Says it Was 'Sent in Error'
According to a report by Zee News, the investment by Chinese companies in India in 2014 stood at Rs 12 thousand crore officially, which has multiplied five times to Rs 60,000 crore. However, China has also invested in several private sectors in India via a third country participation, for instance, through mobile manufacturing companies like Xiaomi and OPPO, as well as startups etc. Also Read - Sonam Wangchuk Calls China Violator of Human Rights in Tibet And Uighur, Reminds of 'Wallet Power'
In 2019, Chinese investment in the Indian Start-ups has risen 94 per cent. In 2018, China invested Rs 15,000 crores in India which rose to 29,000 crore in 2019. Out of the 30 big Start-ups in India, almost 18 Start-ups have got Chinese investment. These include brands like OLA, Hike, Big Basket, Byju, Delhivery, Dream 11, Hike, Oyo, Paytm, Snapdeal and Zomato, the report stated.
Considering the ballooning of these Chinese products in India, it seems nearly impossible to suddenly boycott all, especially when the country is limping back to normalcy with an urgent need of business opportunities to revive the fallen economy.