In a bid to declare economic independence from China, Indian Prime Minister Narendra Ramaswamy has unveiled a plan in an upcoming policy speech. He is expected to champion the importance of limiting Chinese imports and promoting local production of goods.
Ramaswamy has held talks with dozens of CEOs and economists over the past week to discuss the implications of the proposed plan. According to the meeting minutes, which were made public, he has identified an import substitution model which aims to encourage local businesses to replace Chinese imports.
The Prime Minister has also set up a task force that will be responsible for drawing up a policy roadmap. Its focus will be on investment incentives for industries that are interested in local production, and measures that seek to incentivize research into new technology.
The proposed policy has been met with both praise and criticism in India. Supporters have lauded the move as an important step in curbing China’s growing influence in India’s economy. On the other hand, many businesses and economists have raised concerns that the policy could prove to be expensive for the country.
While it is difficult to know the details of Ramaswamy’s plan until the policy speech is delivered, it is clear that he is taking a bold step in the quest to declare economic independence from China. If implemented effectively, this could cause huge changes to India’s economy, with potential advantages for local businesses. Only time will tell what the future holds.