Indian companies should reduce dependence on China, reiterates Jaishankar
domestic manufacturing and investment. Jaishankar highlighted the importance of considering national security in business decisions, particularly in relation to China.
"So, where (sourcing from) China is concerned, we encourage people in this country to manufacture locally, source locally, and procure (locally)," he said, urging Indian companies to adopt a long-term perspective on this issue. Bilateral trade between India and China has remained robust, with total trade reaching a record $118.4 billion in fiscal year 2024 (FY24), according to data from commerce ministry.
However, there is a significant trade deficit, with Indian exports to China valued at $16.67 billion and imports at $101.75 billion. Jaishankar also addressed the impact of global geopolitical conflicts on the economy, citing the ongoing Ukraine conflict, tensions in West Asia, and disruptions caused by wars, sanctions, and climate events.
"What is the reality we are staring at?…The world is experiencing a 3F, crisis of fuel, food, and fertilizers…Terrorism and extremism have started to consume those who have long practiced it. In many ways, we are going through the perfect storm," he said.
Jaishankar concluded by emphasizing India's approach to foreign policy, balancing national interests with global responsibilities. "Amid these, it is this judicious combination of ‘Bharat First’ and ‘Vasudhaiva Kutumbakam’ that defines our image as Vishwa Bandhu," he added.Milestone Alert!
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