India’s Prime Minister Narendra Modi’s government took a bold step today in announcing plans to declare economic independence from China and relieve itself of rising dependence on its leading global rival. Finance Minister Nirmala Sitharaman has announced that she will deliver a speech on Monday outlining the nation’s economic policy agenda and revealing an ambitious goal of attaining economic independence from China by 2025.
The policy speech, which will be delivered broadcast live, is expected to outline a multi-pronged approach to the situation. This involves diversifying sources of foreign investment, promoting exports and increasing trade ties with other major economies. India will also prioritize investing in local production and strengthen its domestic industry, in order to better compete with Chinese imports.
In recent years, India has become increasingly reliant on Chinese imports, particularly in the technology sector. This has led to accusations from some corners of the Indian government of “economic colonialism” on the part of Beijing.
Prime Minister Modi has responded to these critiques by vowing to make India a more competitive economy that is better-positioned to compete with China. As part of this effort, the government has announced plans to relax economic regulations, simplify procedures involved in setting up businesses, and attract foreign investment.
This upcoming policy speech from Nirmala Sitharaman marks the first major public step towards economic independence from China for India. While ambitious, if implemented properly, it could provide the nation with a much-needed relief from rising dependence on Chinese imports and create a more self-reliant economy.