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Business Economy

India’s economic resilience only way to take over China’: Former Ambassador

India’s economic resilience only way to take over China’: Former Ambassador

Kolkata, Jul 21 (UNI) India’s economic resilience only way to take over China’, according to Gautam Bambawale here today.
Bharat Chamber of Commerce organised a Special e-Session on ‘Should India and China be at Trade War?’, in partnership with Friends of Tribals Society , addressed by Gautam Bambawale, former Ambassador of India to China and Bhutan and High Commissioner of India to Pakistan.
In course of his address, Bambawale observed that India and China are yet to decide on their Line of Actual Control (LAC) and hence such aggression by the Chinese is not surprising.
He felt that India’s military resistance at Galwan clearly indicates that such attempts will not be tolerated by India and lauded the Government’s decision to ban 59 Chinese Apps in India.
Speaking on the economic measures to resist China, he stated that the Government should consider banning the Chinese Telecom companies to participate in the 5G spectrum sale in India like the U.K. He further stated that India should reduce dependency on the import of Chinese APIs for pharmaceutical manufacturing business and start utilising the Make in India initiative to substitute imports.
“Given China’s Comprehensive National Power which is much more than India, only economic resilience can help India to overcome China in the near future”, he added.
Responding to a question asked by Air Chief Marshal Arup Raha (Retd.), he opined that a collapse of the Communist Party of China is very unlikely in the near future and hence, the path of economic progress and strategic diplomacy is the only weapon India should apply against China.
Earlier in his Welcome Address, Ramesh Kumar Saraogi, President raised his concerns on whether a trade war between India and China may prove detrimental to the Indian economy on account of its dependence on raw materials for the manufacturing of pharmaceuticals, fertilizers, electronic hardware and several low end products.
Moreover, China has been able to very effectively integrate itself with our neighbouring countries like Pakistan, Sri Lanka and Nepal, in particular and by declaring an open trade war with China, are we going to jeopardise our overall trade prospects, added the President.
Resonding to this, His Excellency Mr. Bambawale stated, “I dont advocate a Cold-War like situation with China and we may continue bilateral trade and commerce may be not in the same magnitude. However, we need to reduce our dependence on China for imports by strengthening the manufacturing sector of the country. We must send a strong message to China by taking steps in the political, military and economic realms that such agression will not be tolerated by India.”

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