New Delhi, Jul 29 (PTI) Both the government and industry need to make concerted efforts towards reducing dependence on China, a senior official said.

Over-dependence on a single source is not good for any country, but it is also not easy to decouple integrated global value chains, Sanjay Chadha, additional secretary in the commerce ministry, was quoted as saying in a statement by Assocham. 

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Chadha was speaking at a webinar organised by Assocham on 'Gaining market autonomy - an era of reduced dependence on China' on Tuesday.

"The government and industry both need to make concerted efforts towards reducing dependence on China," he said.

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He further said global confidence in trade integration started dwindling almost 18 months before the COVID-19 pandemic started. 

"We did an analysis of all HS Codes at 8-digit level where US imports from China declined because of the tariffs and vice versa. We had gained to some extent both in the US and China markets, but we were woefully short of the market space that had been vacated," he said. 

In trade parlance, every product is categorised under an HSN (Harmonised System of Nomenclature) code. It helps in systematic classification of goods across the globe.

"We need to scale up and have a more exportable surplus and the sentiment should not be to abandon China, but to look at China plus many others for global supply chains," he added. PTI RR ABM ABM 07292221 NNNNings can always change."

Racing Point will be renamed Aston Martin next year and has ambitions to compete at the top. Signing Vettel, despite his current lack of form with Ferrari, would send out a strong message in that sense.

"Everybody's talking about Racing Point," Vettel said.

"The first two races have been impressive, the performance on track."

Even though Pérez is driving well so far this season, he would seem the more likely driver to make way, considering Stroll is the owner's son. His billionaire father completed a takeover of British-based car manufacturer Aston Martin in April.

"I'm determined to stay here," Lance Stroll said Thursday, brushing aside speculation.

"It's part of the circus, I guess. It's all part of the silly season, rumors and so on." Pérez has been in F1 since 2011 but is only 30 and still in his prime. The Mexican driver has eight career podiums and is a quick and reliable driver.

Talk of Vettel's potential arrival has already led to interest in his availability next year.

"(This) week the (Vettel) rumors came out and we actually got contacted by a team in the paddock — I won't say the name — and also from other (racing) categories," Pérez said.

"I've been in Formula One (for) 10 years so I'm used to this stuff. In Formula One you never know (what can happen)."

He acknowledged that talk of Vettel's arrival boosts the team's image.

"It's good to have big names (linked) to the team, it means we're making good progress," Pérez said. AP

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)