India poised to transform manufacture Roadmap to give China Competition
Keeping imports at bay and moving ahead with the thought of self reliance, India is planning to boost the manufacturing of certain products. In a virtual conference, minister of MSME, Nitin Gatkari said that India is set to move towards production linked incentives for manufacturing of electronics, medical devices and pharmaceutical products while putting restrictions on imports of Chinese products.
The other main aim is to reduce dependency on imports and push for exports instead. Additionally, the Centre aims to push for more direct foreign investments in pre-identified areas, promote joint ventures and support local businesses to expand India share in the global markets.
All in all, India is now intending to give China a run for its money and will be competing with the latter in the open market, challenging its autonomy in markets where it already has a large share.
As a matter of quick strategy, manufacturing companies are already up-skilling themselves and have turned to the digital medium for virtual training. India recently cancelled many Chinese contracts, banned use of their mobile applications and products apart from ensuring e-commerce companies would specify the origination of products to ensure China was not getting headway with the Indian customer. China has been one of India’s biggest trade partners, but recent disturbance at the LAC has shaken up the trade dynamics between the nations, with India retaliating over China’s bullying tactics over Ladakh in India.