External Affairs Minister S Jaishankar on Thursday emphasized the need for India to strike a careful balance in its economic engagement with China, highlighting the risks of excessive reliance on Chinese supply chains. Speaking at the ‘Bharat @100’ event Jaishankar underscored the importance of protecting domestic industries, particularly MSMEs, from the adverse effects of foreign goods being dumped into the Indian market.
Addressing China’s dominant position in global manufacturing—accounting for 32-33%—the minister acknowledged its significant role in supply chains. However, he cautioned against overdependence. “If we become excessively dependent on a single supply chains or in the name of supply chains you open up your markets so that it is no longer the supply chains but your sectors are getting hollowed out,” Jaishankar said.
Responding to a question about China’s deep integration into global supply chains, Jaishankar explained that while doing business with Beijing is unavoidable, the long-term implications for Indian industries cannot be ignored. “We don’t want to end up as a market of another economy and not be able to compete with their products which are dumped in our country. So we have to find the right balance here,” he stated.
The External Affairs Minister also touched upon the ongoing political tensions with China due to the border standoff that has persisted for the past four and a half years. He noted that while economic considerations are important, the broader political context cannot be ignored.
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