The Vice Chairman of NITI Aayog, Rajiv Kumar, has stated that India’s focus should not be solely on reducing its trade deficit with China, but rather on creating a more level playing field for Indian businesses. In a recent speech, Kumar emphasized that the country should focus on building its own manufacturing and technological capabilities, instead of just trying to address the trade imbalance with China.
Kumar pointed out that China has been able to rapidly develop its manufacturing sector, which has enabled it to become a leading global producer of a wide range of products. In contrast, India has lagged behind in terms of developing its own manufacturing capabilities, and has struggled to become a major player in the global market. He argued that the country needs to focus on building up its own capabilities in key industries, such as pharmaceuticals, electronics, and textiles, if it wants to compete with China.
Kumar also highlighted the need for India to develop its own technological capabilities, particularly in areas such as artificial intelligence and 5G. He pointed out that China has made significant investments in these areas, and has become a world leader in technological innovation as a result. In contrast, India has been slow to invest in these areas, and has fallen behind in terms of technological advancement.
In addition to focusing on building its own capabilities, Kumar also emphasized the need for India to address the structural imbalances in its trade relationship with China. He pointed out that India has a large trade deficit with China, which has been growing over the years. He argued that this is due to a number of factors, including China’s dominance in global manufacturing, the unequal trade agreements between the two countries, and the lack of access to Chinese markets for Indian businesses.
In conclusion, NITI Aayog’s Vice Chairman has argued that India’s focus should not be solely on reducing its trade deficit with China, but rather on building its own capabilities and creating a more level playing field for Indian businesses. He emphasized the need for the country to invest in key industries and technological advancements, as well as address the structural imbalances in its trade relationship with China, in order to compete effectively in the global market.
