External Affairs Minister S Jaishankar stated on Thursday that the trade imbalance with China is not solely the government’s responsibility, but also lies with businesses. He criticized Indian corporates for failing to establish appropriate sourcing arrangements.
Addressing the Asia Economic Dialogue, Jaishankar highlighted the government’s efforts, such as promoting Atmanirbhar Bharat, to address the issue. He emphasized that the significant external exposure poses a threat to national security.
Jaishankar described the trade imbalance with China as a serious challenge, stressing that both the government and businesses share the responsibility. He pointed out that Indian companies have not sufficiently developed backward integration, vendor supplies, and essential components to support the country.
Despite calls to focus on services from individuals like former RBI Governor Raghuram Rajan, Jaishankar cautioned against neglecting manufacturing. He warned that undermining manufacturing could harm India’s strategic future.
