Private sector engineering major Larsen & Toubro has said that China is systematically killing Indian manufacturing sector and sought 25% anti dumping duty on Chinese goods.
Mr AM Naik CMD of L&T said that "China has a fixed currency. It is not a market economy like ours. China is systematically killing the Indian manufacturing sector. There are taxes on goods manufactured locally, but none on imported products from China. This is an unfair situation for Indian goods. This is why there should be 25% anti dumping duty on Chinese products."
Speaking specifically about power equipment sector, in which L&T is a major player, Mr Naik said that "The Indian power companies, especially those in the private sector, have placed huge orders for power plant equipment with China. We can say that Chinese power sector is virtually working for India. It is not good that 80% of our dependence for power plant equipment is on one country, and that too China."
He added that "The day China opens its economy, its prices are bound to go up by 25%. But unfortunately we are not taking any steps to stop it."
(Sourced from http://www.steelguru.com/news/index/2010/01/14/MTI4NjUz/Mr_Naik_sees_China_killing_Indian_manufacturing_sector.html)
Wednesday, January 13, 2010
Mr Naik sees China killing Indian manufacturing sector
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