Economic Survey warns of risks in overdependence on China
News: The Economic Survey warns of India’s “single-source concentration risk,” particularly from China, which poses supply chain, price, and currency risks.
Despite its growing industrial base, India’s manufacturing sector remains underdeveloped, contributing only 2.8% of global output compared to China’s 28.8%.
Dependence on Chinese goods for energy transition adds to the challenge. The Survey calls for aggressive efforts to attract local and foreign investments. GTRI’s Ajay Srivastava highlights China’s overcapacity-driven exports disrupting global markets, urging regulatory reforms to support MSMEs.
India must sustain 8% growth for two decades to achieve developed nation status by 2047 but faces hurdles from China’s dominance in EVs, critical minerals, and clean energy.
Source: The Economic Times
Join The Community
Recent News
-
Container Shipping Rates Climb Following U.S.-China Tariff Truce, Though Growth Shows Signs of Slowing -
India Vital to Global Supply Chains and Deserves G7 Inclusion: Canadian Prime Minister -
India Developing Alternative Supply Chains Amid China’s Rare Earth Export Restrictions: Piyush Goyal -
Goyal Explores Indian Shipping Opportunities in Talks with Singapore’s Gan Kim Yong -
India Aims to Triple Air Cargo Handling Capacity by 2030, Says PM Modi
2 Comments