While we’ve noted the extent to which markets have been flooded with ‘cheap quality yet affordable’ products from China, with PM Modi’s push towards Atmanirbhar Bharat, it seems changes can be plotted especially this festive season.
As trends suggest, this is the peak season for huge amounts of imports from China to meet the demand of customers for diverse goods. Yet, this year has brought a twist in the tale. What accounted for almost 70-80% of market share some 5-6 years ago has fallen to a mere 10% share of imported Chinese goods this year. Traders importing Idols of gods and goddesses have declined rapidly.
Forces behind this change range from anti-China product demonstrations to a significant change in consumer sentiments as demand for Made in India sees a rise. This in turn has provided the impetus to boost manufacturing in Indian manufacturing hubs.
The demonstrations have also resulted in traders choosing to import less and this in turn has been the catalyst for increasing prices of Chinese goods, some Chinese products are 30-40% more expensive owing to the declining imports. The simultaneous boom in demand for Indian products reflects the mutual synergy between producer and consumer in leaning towards our own capabilities and potential. What had previously been dominated by narratives of inadequate quantity and low quality products of Indian make, now see a overhaul with renewed attraction and demand for the same, reflecting in the shifting market share.
Case in point is also the obvious appreciation for these Made in India products in terms of quality as well. Indian makers have learnt the know-how, the techniques used by the Chinese to make the idols that are so popular and in high demand, more so during the festive season. The additional resin coating they do on idols is very much a necessity, especially for the purpose of decorating these idols suitably. Consequently, noted to be more durable than their Chinese counterparts, they are more than welcome among Indian traders.
This trend finds a parallel in other product markets dominated by Chinese imported goods. What we generally know as the existing demand for fancy and variety of electric lights and other electronics that rampantly display the ‘Made in China’ tag, are now seeing a drop. The impact of the demonstrations to boycott these goods in favour of supporting domestic producers and manufacturers, has gone a long way with sales of Chinese products like decorative lights crashing by almost 40 per cent and a fall by 10 to 15 per cent in the case of China made electronics sales.
Social media, too, has played a significant role in promoting the cause of domestic products mainly in support of Indian manufacturers’ livelihoods which face the onslaught of ugly Chinese competition.
The time is ripe to leverage on both its price and mass production methods. Urging consumers to refrain from bargaining, this campaign by social media activists and common citizens, provides the necessary impetus to strengthening the domestic market as well as protecting the livelihood of Indian idol makers and these humble artisans who continue to make traditional earthen diyas. This coming together of the multiple parties involved has already brought about a major change, and indicates scope for further dominance of Made in India in the markets.