The Ban on Goods Importation- A Means to Save the Struggling Economy

in hive-175254 •  4 years ago 

A Minister in India Suggests to Ban Importation of Goods from China.

Although I am not from India, while reading the news this morning I noticed a news that was interesting and I feel most nations could begin to adopt to the type of decision taken by India very soon in order to revive their economy.

Just like majority of countries, India has been relying so much on China for majority of their products but this pandemic came and lockdown stopped the wide spread of importation and exportation which made it difficult for China to get their products to other countries, in order to spring up the already damaged economy, a minister in India has suggested that every India may have to pledge their loyalty to their nation at this trying time by patronizing only locally made items and not goods from foreign nations.

AR-190609997.jpg&maxh=332&maxw=504.png
Source

China is largely depended on by other countries.

Just like India, China has been depended upon by several countries for the process of production and assembling of numerous goods used by certain countries, and the lock down period was a clear example to show how much several nations has depended on China. While talking about how much China is being relied upon, we also have to understand that China has only grown itself into a strong power and definitely not forcing anyone to get from them, this means other nations can also grow themselves to be as powerful as China, but I guess not everyone is willing to pay the price and I guess China is far ahead of other countries already when it comes to production.

There is a high level of competition from the goods we receive from China and we have most of those goods coming in at a very discounted rate, if a country wants to start building his or her own company now restricting the inflow of goods from China, it means citizens will have to endure scarcity and also purchase the little products made available at an expensive rate.

used-clothes.jpg
Source

Questions that need answers before the importation of goods is cancelled.

If countries decide to stop the act of importation in order to revive the already failed economy, exportation also has to be considered, looking at it logically these countries survive on trade so if a country is not accepting goods from China, China will also not accept anything from them and this makes the situation mutual, every country will just have to depend on their own products.

Before different countries begin to think about placing ban on the importation of goods from other countries, there are questions that should be answered:
How long will it take to put the necessary infrastructures in place?

What happens to the exportation business?
How will citizens survive with limited resources made available?

I really do not see most countries being able to survive on their own at this point because they never planned ahead, how many countries really have the ability to produce their own goods?

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

So many countries have been talking about ignoring goods made in China for sometime, but I really think most African countries are into too much debt already and are indebted to China.

  ·  4 years ago (edited)

China has become a strong major economic power to just ignored, if other countries want to beat this, then it will take years of sacrifice and determination from the rulers.

Thank you for reading.

Greetings dear @ben-edom, a quite interesting post that puts in context the fact that due to the pandemic many countries are thinking of producing their products themselves, however, as you say, it seems to me that many are not prepared to take on such a task. This would trigger a shortage of many products.

Great publication, thanks for sharing this news.

Erarium Project
Financial and educational community
@erarium

Thank you so much @erarium, i appreciate your comment.