Time was when India’s GDP was 25 per cent of the world, but due to faulty policies of the Union Government the country’s economics is in an awful condition today, said the Swadeshi Jagaran Manch (SJM) here on Monday.
Briefing the Press, SJM eastern regional coordinator Annada S Panigrahi in the presence of local coordinator Ramakanta Patra said the world market is now dominated by China-made products. India’s trade deficit has reached 40 billion US dollar. In 1990-91, India had the worst economic condition, and to meet it the gold reserves were mortgaged to obtain loan. Despite this, during that time the trade deficit was 3 per cent to 3.5 per cent of the GDP, but currently it has gone to 6.7 per cent. And out of that, 40 per cent is due to trade deficit with China. The rupee is under tremendous depression and it may slash to any extent.
Panigrahi said that besides being the champion in small-scale industry products, China is an atomic power country and a source of trouble for India and many other countries. China is also a threat to India as it has so far made intrusion into India 469 times since the 1962 war.
So, the SJM demands a total ban on China products in the India market as with this India can give a befitting reply to China’s supremacy.The call of the hour is immediate steps to promote small-scale industries and enhancement of budgetary provision on research and development, he said.
To make people aware about the need to use indigenous products and put pressure on the Government to make an effective policy for development of small and medium industries, the SJM has planned to launch a weeklong nationwide campaign from September 25, the birthday of Dindayal, to October 2, the Gandhi Jayanti, Panigrahi added.