There is no other way to counter China on the economic front, insisted the career diplomat-turned-politician, Jaishankar. He emphasized that India must focus on manufacturing to compete with China and gain an edge in the global economy. Jaishankar highlighted the need for India to enhance its manufacturing sector, improve infrastructure, and create a favorable business environment to attract investments. He stated that India’s demographic advantage can be leveraged to transform it into a manufacturing hub. By becoming self-reliant in manufacturing, India can not only reduce its dependence on imports but also increase its exports and contribute more to the global supply chain. Jaishankar’s remarks come at a time when India is exploring ways to attract foreign investments and boost domestic manufacturing through initiatives like the Make in India campaign and the production-linked incentive (PLI) scheme. These efforts aim to make India an attractive investment destination and establish it as a global manufacturing hub. However, Jaishankar also highlighted the challenges that India might face in competing with China, such as the latter’s established manufacturing ecosystem, skilled workforce, and infrastructure. He stressed the importance of addressing these challenges and creating an enabling environment for businesses to thrive. Additionally, Jaishankar emphasized the significance of diversifying the manufacturing sector to include high-end technology products and emerging industries like electric vehicles, renewable energy, and pharmaceuticals. He highlighted the need for collaboration between the government, private sector, and academia to achieve these goals and enhance India’s competitiveness. In conclusion, Jaishankar’s remarks highlight the urgency for India to focus on manufacturing to compete with China on the economic front. By strengthening its manufacturing capabilities, improving infrastructure, and creating a favorable business environment, India can attract investments, reduce dependence on imports, boost exports, and establish itself as a global manufacturing hub.
