It is a bit difficult for India to build an “independent economic circle”

  The epidemic has severely affected the Indian economy. On May 12, 2020, Indian Prime Minister Modi put forward the concept of “independent economic circle” in a televised speech, calling for the revitalization of local manufacturing and agriculture, and the construction of India’s domestic supply chain.
  With the proposal of the “independent economic circle”, India will invest an economic stimulus equivalent to 10% of its nominal gross domestic product (Nominal GDP) (about 20 trillion rupees).
  However, for India, it is a bit difficult to build a “self-reliant economic circle”.
  India is a country full of contrasts and contradictions. Modernization and backwardness coexist. It is difficult to build a “self-reliant economic circle”. It has the name of a “BRIC country”, is a global emerging market, and at the same time has high debts and high fiscal deficits. It has a large English-speaking intellectual elite and has raised a world-renowned software outsourcing service base. The IT industry can stand shoulder to shoulder with the United States. At the same time, the quality of labor is low, and a large number of laborers are in the agricultural sector, which slows the labor force from agriculture to industry. The speed of the transfer of services and services has slowed down the process of industrialization.
  The cultivation of Indian economic industries has always been slow, and Chinese products have filled the gaps in certain industries in the Indian economy. Looking back at India’s foreign trade in 2018, China accounted for 14% of its total imports, ranking first. In India, the shadow of Chinese goods can be seen everywhere, and the development of many industries cannot leave “Made in China” at all, because the main raw materials of some industries also need to be imported from China. For a long time, India’s communications and semiconductors have relied on “Made in China”. There are also some industries in other fields that cannot independently form an industrial chain and have a certain degree of dependence on the Chinese economy.
  India and China are large countries adjacent to each other. The combined population of the two countries accounts for about 32% of the world’s total population. They are both developing countries. They should go hand in hand to form a “community with a shared future.”