External Affairs Minister S Jaishankar with Editor-in-Chief Sanjay Puglia at the NDTV programme.
New Delhi:
External Affairs Minister S Jaishankar (S Jaishankar) has said that the world wants to see India as a manufacturing hub. However, there are some challenges in this direction, which the government is trying to overcome. Sanjay Puglia, Editor-in-Chief, NDTVSanjay Puglia) in a particular conversation with Jaishankar’s statement has three important implications. Know systematically why the world wants to make India a manufacturing hub.India will become a manufacturing hub,
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First reasonFreedom from restrictive and monopolistic supply chains.
Remember, in March 2020, when the Corona epidemic that rocked the world completely stopped the supply of small and large essential items reaching us. The main reason for this was China itself, from where the epidemic spread. From pharma APIs to electronic items and consumer durables, the entire world is struggling with an over-reliance on China and Taiwan for semiconductors. About 40 percent of the world’s and 70 percent of India’s APIs are imported from China alone, from which drugs are manufactured. At the same time, 60 percent of the world’s semiconductors are exported to Taiwan alone and during the Corona period, the auto sector was hit hard by its shortage. Vehicles were parked at the plant for months and then customers had to wait a long time for delivery. Along with this, the high price of vehicles also had to be paid.
Jaishankar has authority in this matter because on the one hand the world struggled for essential commodities during the Corona period due to dependence on China, on the other hand due to production in various countries including India, America and Britain for the Corona vaccine. , it has grown worldwide. From which the vaccine can reach.
Another reason, India is fast moving towards touching the 5 trillion dollar economy figure. Manufacturing and exports play a major role in becoming a top economy for any country. Till 1987-88 GDP of India and China were almost equal. But by becoming a fast manufacturing and export oriented economy, China made the world dependent on itself in the next 30 years and became an 18 trillion dollar economy.
For this, infrastructure and ease of doing business have improved a lot in the country. World renowned tech companies are eager to invest in India.
A third reason, to be a guarantor of India’s faith. Corona epidemic or Ukraine-Russia war. If India has furthered its own interests by remaining neutral, it has also helped other countries. Through Rassi Maitri, India provided crores of corona vaccines and other medical facilities to around 150 countries. At the same time, all efforts were also made for a ceasefire in the Ukraine war. Due to this, India’s image in the world has become that of an independent foreign policy, peace-loving and reliable partner, with whom all countries want to stand.
On India becoming the world’s choice as a manufacturing hub, Professor Rakesh Mohan Joshi of the Indian Institute of Foreign Trade says that major economies were affected by supply chain disruptions at the time of Corona. As a result, he has not recovered yet. Inflation ran wild there and many of these countries are in recession today.
Not only is our economy growing rapidly but we are going to become the third largest economic power. Our PMI ie Purchasing Managers Index has been consistently above 50, which is a positive aspect. Also, the cost of production is also low and the infrastructure is fast becoming of global standard.