Not prudent to think India can take up slack from China vacating certain spaces in manufacturing: Economic Survey
India builds up itself as a potential alternative for global companies as a manufacturing destination, the Economic Survey suggested that given Chinese dominance in global supply chains, it may not be the most prudent approach to think that India can take up the slack from China vacating certain spaces in manufacturing.
Union Budget and Economic Survey 2024 Live Updates
The Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman on Monday stresses that the dynamics of India-China economic relations continue to be «extremely complex and intertwined».
The Survey expressed worries on if China is even vacating light manufacturing, per recent data.
«The Chinese domination over the global supply chains across product categories is a key global concern, especially in the wake of supply disruption accompanying the war in Ukraine,» the Survey noted.
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India in recent years has emerged as the fastest growing major economy, even faster than that of China which has faced a slowdown due to certain structural issues. However, the size of Indian economy still remains only a fraction of China's.
«In the context of energy transition, China's near-monopoly over the production and processing of critical and rare earth minerals has already been a cause of
