2024-07-22 15:05:35
In addition, he said, if Chinese companies bring in their own management and technical personnel, the jobs created may fall short of expectations, limiting the benefits to the local workforce.
He said it is crucial for India to have policies that truly support indigenous industries and create meaningful employment opportunities for its population.
The article added: “While Chinese companies investing in India and exporting to Western markets may appear beneficial in the short term, they are likely to undermine India’s long-term economic security and strategic autonomy.”
The report also said China has become India’s largest import supplier in eight major industrial product categories. “Allowing Chinese companies to ‘Make in India’ could overwhelm domestic industries and could lead to the closure of many Indian companies,” Srivastava said, adding that it could turn India from a manufacturing hub into a trading nation dependent on Chinese companies for key supplies and economic growth. Amid tensions with China, the pre-budget economic survey released on Monday made a strong call to seek foreign direct investment from Beijing to boost local manufacturing and open up export markets.
GTRI further mentioned an interesting point in the Economic Survey 2024, Japan was mentioned 20 times, Australia 32 times, Russia 25 times, the UK 9 times, Europe 44 times, and the US 107 times.
“The country mentioned most frequently was China, with 132 mentions. If the word ‘China’ is included, the total number reaches 156,” the report said.
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