S Jaishankar Pulls Up Indian Corporates Over Trade Imbalance With China
The businesses should share equal responsibility for the skewed trade balance with China, External Affairs Minister S Jaishankar said on Thursday, blaming India Inc for not developing sufficient sourcing capabilities within the country. Stating that the government's flagship 'Atmanirbhar Bharat' initiative pitching for self-reliance is a corrective attempt, S Jaishankar warned that "massive external exposure" puts our national security at threat. With some experts, including former RBI Governor Raghuram Rajan pitching India to focus more on services, S Jaishankar said neglecting manufacturing will lead to damaging India's "strategic future". In 2022, India-China trade touched USD 135.98 and New Delhi's trade deficit with Beijing crossed the USD 100 billion mark for the first time despite frosty bilateral ties. Terming the challenge posed by the trade imbalance with China as very serious and formidable, the career bureaucrat turned politician ...