15 JUN,2020 | MEDC
China has made huge inroads into Indian businesses, and there is a need to gradually reduce our dependence on that country. Reducing industrial dependence on China has to be a gradual effort over years of accelerated domestic infrastructure development. Improving our regulatory mechanisms will give us a key competitive edge. Geopolitical and border issues cannot be wished away, and they need to be addressed at a different level. However, from the economic perspective, it seems as if the entire world is looking to reduce its dependence on China, and India can make that sentiment work to its advantage. This is an opportune moment to push for Make in India, as well as the PM’s appeal to go vocal for local. Policymakers need to take carefully considered strategic moves, and see how we could fill a possible global void created by China. This chance is too good to miss, and India needs to strike while the iron is hot.
*Photo Credit: Google