Traders for a practical approach towards Chinese stock with them
LUCKNOW After the Galwan Valley standoff between India and China, traders in Lucknow and other parts of the state are in a dilemma over Chinese goods stocked with them and orders which they gave to Chinese companies before the clash.
“Hardcore nationalists want them to burn the Chinese stock worth crores but traders who are already struggling with the impact of corona want a practical approach. However, they also want to teach a lesson to China and this would be possible only if Indian companies start filling the gap which would be left by Chinese companies,” said Sandeep Bansal, president of Uttar Pradesh Udyog Vyapar Mandal.
He said “Traders are Indians first. They want to boycott Chinese goods but not at the cost of already dumped stock of more than Rs 450 crore in Lucknow market alone. All over Uttar Pradesh it would be over Rs 15000 crore. You cannot expect the traders to throw away goods like mobiles, gift sets, watches, cosmetics, electronic items, LEDs, plastic toys, idols, wall hangings. But in future we will advise them to not deal with Chinese companies. Our government should also tax the Chinese goods to give a level playing field to Indian companies. Most of the Indian companies which were manufacturing toys, cosmetics, show pieces etc were forced to close down because traders were offered much cheaper goods by the Chinese companies.”
President of Uttar Pradesh Adarsh Vyapar Mandal Sanjay Gupta said, “We must go for a practical approach, not for kneejerk reaction that would further destroy our economy. In future we will collectively decide to not sell any Chinese product.”
Vinod Agarwal, a trader of cosmetics said,“Lucknow cosmetic traders do business of Rs 80 crore with Chinese companies but in future we will look for Indian suppliers. However, we will sell our present stock instead of throwing it away.”
Suhail Hyder Ali, president of Lucknow Furniture Association, said, “Furniture of around Rs 20 crore used to be imported from China , which would be affected
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› We must go for a practical approach, not for kneejerk reaction that would further destroy our economy. Traders have always been at the receiving end. SANJAY GUPTA, President of Uttar Pradesh Adarsh Vyapar Mandal
after this but the present stock cannot be trashed out. It would be sold from our shops.”
Anuj Agarwal who deals in plastic items, said, “Trade would be hit after the Galwan clashes. Lucknow plastic traders imported items worth around Rs 200 crore from China and earned a good margin from it. But if a practical approach is not taken, traders of both countries would suffer.”
Electronic traders, particularly those who sell mobile phones, LEDs, sound systems, laptops, computers etc are skeptical about the way their trade goes.
“Indian companies use Chinese LEDs, Chinese components in LEDs , laptops , mobiles etc. Lucknow’s electronic traders sell Chinese items worth around Rs 500 crore per year but if we are asked to stop all this in a day , then we will go bankrupt ,” an electronic trader in the state capital’s Naka Hindola said on condition of anonymity.
He added, “Most of us have taken huge loans to import the items. We have already deposited advance with the Chinese companies. Now they are not going to return the money if we cancel the deal, so it would be wise to accept the deal now and stay away from Chinese companies in future but during that time Indian companies would have to scale up their supplies.”