India's industrial policy changed when Prime Minister Narendra Modi assumed office in 2014, according to External Affairs Minister S Jaishankar. Jaishankar argues that India has to focus on manufacturing if it hopes to compete with China.
"If we have to compete with China, which we should, then focusing on homegrown production is the solution. Since Modiji assumed power, our industrial policy has changed. Jaishankar said, "Manufacturing was not given much attention before that," during a meeting with business executives that the Southern Gujarat Chamber of Commerce and Industry (SGCCI) organized on Monday in Surat.
The EAM believed that the only practical way to compete economically with China was to focus on the manufacturing sector.
According to the minister, a nation cannot develop great technology on the basis of poor manufacturing. The Union minister insisted, "We should prioritize manufacturing above all else because it is the only viable economic response."
Jaishankar said that the tension along the border had impacted India-China relations. The minister said that there is now "abnormality" in the relations between Beijing and New Delhi as a result of the border dispute with China. He asserted that improved relations between the Asian nations are contingent upon peace and stability in the border regions.
Additionally, he said that India's contribution and the measures it implemented to combat COVID-19 changed how the world saw the country. In Also, these measures contributed to India's economic development to the point that it became the "fastest growing large economy."
This is a really fortunate time for us to interact with the world in a variety of contexts and ways. Furthermore, this is the internationally acclaimed India of Chandrayaan and UPI, 5G stack and Covaxin, where the Modi administration will guarantee the security of its citizens everywhere. We have carried out similar actions in Israel, the Sudan, and Ukraine during the COVID-19 outbreak," he said.
