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India's domestic manufacturing; catalyst for global influence & competition
Industry News- May 13,24
Bilateral trade between India and China recorded significant growth.
External Affairs Minister S Jaishankar stressed the significance of bolstering India's domestic manufacturing sector, asserting that it would equip the nation with greater resources in its foreign policy arsenal, facilitating global influence and positioning India to compete with China economically.
In an exclusive interview with PTI, Jaishankar highlighted India's concerted efforts, particularly under Prime Minister Narendra Modi's leadership over the past decade, to prioritise the enhancement of domestic manufacturing. He attributed the neglect of the sector before 2014 to various challenges faced by the country. Jaishankar pointed out the paradox of India-China trade witnessing an upward trajectory despite New Delhi's stance on normalising ties with Beijing contingent upon resolving the eastern Ladakh border dispute.
Expressing the need for confidence and competitiveness in international relations, Jaishankar emphasised the imperative of building strength domestically. He underscored the interdependence of domestic and foreign policy, stating, "It is a function of our domestic policy that if I can actually build up my economy... I think you are going to find the foreign policy has much more resources and much more tool in its toolkit to actually influence the world."
Jaishankar's remarks come in response to queries regarding the apparent contradiction between escalating bilateral trade with China and India's insistence on resolving border tensions before normalising relations. He emphasised the adverse impact of previous neglect of the manufacturing sector, which resulted in challenges currently faced by the nation.
Regarding the ongoing standoff between the Indian and Chinese militaries in eastern Ladakh since May 2020, Jaishankar reiterated the importance of peace and tranquility along the Line of Actual Control (LAC) for fostering normal bilateral relations. Despite the burgeoning trade volumes between the two nations, India remains steadfast in its stance on the criticality of border stability for overall normalisation of ties.
Highlighting the significant growth in bilateral trade between India and China over the past decade, Jaishankar acknowledged the trade deficit, underscoring the need to address manufacturing shortcomings. He lauded government initiatives such as 'Make in India' and 'Production Linked Incentive' (PLI) schemes aimed at bolstering domestic manufacturing and minimising import dependency.
Jaishankar expressed optimism about India's future trajectory, citing the nation's burgeoning talent pool and advancements across various sectors. He credited Prime Minister Modi for fostering a collaborative approach across ministries, enhancing coordination, and driving progress amidst diverse challenges.
(Source: Business Today)
India
domestic manufacturing
foreign policy
influence
global competition
China
economic growth
neglect
bilateral trade
border tensions
peace
tranquility
Line of Actual Control (LAC)
trade deficit
import dependency
Make in India
Production Linked Incentive (PLI) schemes
infrastructure modernization
optimism
Prime Minister Modi
coordinated approach
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