India second largest mobile manufacturer; Can give competition to China in many sectors including solar, textile and chip

India has become the second largest mobile phone maker in the world after China. With the Production Linked Incentive (PLI) scheme announced by the government recently, we are in a position to compete with China in automobile components, medical devices, semiconductors, telecom equipment, solar modules and electric vehicle batteries in the coming years. can come in. Actually, India is taking the place of China in manufacturing on the world stage. With rising manufacturing costs in China, strained relations with Taiwan, and supply chain problems caused by a zero-tolerance policy towards COVID-19, many countries and their companies are seeking to reduce their dependence on the world's second-largest economy. In this changing environment, India is becoming their new abode.

In recent times many multinational companies have announced investment in India, some have even started it. For example, Foxconn and Vedanta have announced to set up a chip plant at a cost of Rs 1.5 lakh crore. Companies like Samsung and Apple, which have already set up manufacturing plants, are now working on expansion plans. But there are still many such industry sectors in which there is a lot of scope for investment. This will not only reduce dependence on imports, but will also help in increasing exports. In this article, quoting experts, we are telling which are those sectors, what are the bottlenecks in investing in them and what are their solutions.

Dr. Ajay Sahai, Director General and CEO, FIEO, Exporters' Organization, told Jagran Prime, "This thing also came when the tariff war between Russia and the US started in 2018. At that time, Vietnam got the most benefit. But Vietnam has a limit in raising investments. This time because of Taiwan, the anti-China sentiment in the world is quite vocal. Companies in Asia-Pacific countries are either withdrawing their investments from China or do not want to make new investments there.

NIT Jalandhar Chairman and former FIEO President S.C. Ralhan also says, “This is the right time for India to move forward. Whether American investors or Europeans, they don't want to go to China. They are looking at countries like India, Taiwan, Cambodia." SBI Research has said in a recent report that India can benefit from reduced new investment in China.

China may be the world's largest economy after America, the largest exporter and second largest importer, but at the moment its economic condition is not looking the same. Its construction sector is in crisis, affecting banks. Home sales have declined for 11 consecutive months. Due to the lockdown due to the Covid-19 epidemic, China has somehow avoided negative growth in the April-June 2022 quarter. Its GDP growth in the last quarter was just 0.4%. Goldman Sachs has cut China's growth forecast for this year to 3% from 3.3% and Nomura to 2.8% from 3.3%.