China manufacturing centre of world due to US outsourcing policy: Amitabh Kant
China's emergence as the manufacturing centre of the world is largely a consequence of American policy, because if you look at the top 30 companies in the United States of America, 95% to 98% of the manufacturing is outsourced to China, India's G20 Sherpa Amitabh Kant said here on Wednesday.
Both the Chips Act and the Inflation Reduction Act of USA are protectionist in character. «It's important because if you want to shift towards net zero, it will be almost impossible to do it without India. And the reason for that is that green hydrogen manufacturing firm from India today is costing $4.5 per kilogram, whereas in the US, it will cost about $7-7.5 per kilogram. The extent of subsidisation will be enormous,» Kant said at an interaction with US G20 & G7 Sherpa and Deputy NSA Daleep Singh on India-USA Economic Partnership organised by the Observer Research Foundation.
«If you want the world to move towards clean energy, reach the target of net zero, you want production of the lowest cost possible. And therefore, the size and scale of manufacturing from India, which India has demonstrated through procurement of LED bulbs, the prices for procurement of large scale buses, electric buses, prices for you, it needs the size and scale of a country like India to radically bring down the price to $1 per kilogram by 2030 and that capacity to do it only India has. And that's why, if you want the world to achieve success in net zero, you need to work with partners like India.»
Kant further stated the Chinese companies together
