In a show of patriotism and solidarity, India’s electrical and electronic equipment industry has started a mass-cancellation of import orders from Chinese companies. This is in lew of China’s recent action that led to the death of 20 Indian soldiers who were killed in the Galwan Valley.
India imports most of its electrical and electronic components from China but are now willing to scout newer locations to import raw materials regardless of higher cost, Economic Times reported.
Many countries have complaints against China for its trade policy, wherein they keep the prices of there goods artificially low. This has led to many companies facing a hostile takeover from Chinese companies that work in tandem with the Communist party.
India has a massive demand for power distribution and transmission gears but many companies have already cancelled orders after being inspired by the vocal-for-local (Atmanirbhar Bharat) campaign by Prime Minister Narendra Modi to promote indigenous manufacturing.
R K Chugh is the president of the Indian Electrical & Electronics Manufacturers’ Association (IEEMA) and he said there is strong momentum to turn towards friendlier nations like Japan, Taiwan, Korea and Germany to fulfil our import needs.
As China is facing some of the worst floods in the last few decades, such unity shown by Indian businesses would be a gut punch. Already telecom giant Huawei is being shown the door by many nations.