India Economy: Among Asian countries, India has the fastest growing economy in the world, whereas China’s economy has started slowing down. China is the second largest economy in the world while India is at fifth position. But now India has intensified its preparations to counter Chi and has made such a plan that China’s bullying will reduce. China, which considers itself very powerful, in today’s times has been forced to admit that its main enemies have become many times more powerful than before. That is why Xi Jinping had said in Beijing that in the current era it is not easy to deal with our major powerful enemies. Now India has made its own plan to become an obstacle in China’s path.
‘Chakravyuh’ with India-America
To counter China’s dominance, India and the US are trying to strengthen their partnership on critical minerals with third countries so that they can secure their supply chains. New Delhi is keen to enhance engagement through the agreement in the important sector as a precursor to a future free trade agreement. Commerce and Industry Minister Piyush Goyal told reporters on Saturday that “We have signed an MoU, which will be operated by the Mines Ministry. Our idea is to secure our supply chains… I have suggested that The Critical Minerals Memorandum of Understanding should be transformed into a Critical Minerals Partnership Agreement and make it the starting point for an FTA,” The US government, at present, is not pursuing trade agreements with any country.
Three more countries will join hands with India to compete with China
India is working closely with the US, Australia and Japan to secure critical mineral supply chains from mining to processing and end-use as they seek to catch up with China, which controls most of the mines and production facilities. Does. Japan and the US had signed a partnership agreement that would give non-US companies the right to receive benefits, including tariff benefits. No decision is likely to be taken in the coming months, as the US presidential elections are just three weeks away.
Know in which sector we will work together
Goyal was upbeat on the overall outcome of his recent discussions with US Commerce Secretary Gina Raimondo, US Trade Representative Katherine Tai and top industry and business leaders, saying that almost all critical trade issues have been addressed by both sides. Apart from investment interest, the Minister said there is keenness for technology transfer as well as co-development in important sectors like pharma, digital technology, telecom and defence. “The intellectual property system has seen massive changes. They are seeing a visible difference,” he said.
When will the work start?
Goyal said American semiconductor companies are being encouraged to invest in India and a manufacturing unit is also expected in the coming months. He stressed that tourism will play an important role in bilateral trade relations, as the government plans to set up an investment hub in New York and Silicon Valley in the coming months to work with American investors.
