Social media got flooded with anti-China sentiment after 20 soldiers attained martyrdom in Indo-China face-off at Galwan valley. People across India are voicing boycott of Chinese products. Even government entities like BSNL and Railways are reconsidering their tie-ups with Chinese firms. But with the dragon’s investment so deeply penetrated into the Indian economy, is it feasible to cut out China from the Indian Economy?
Crux of the Matter
Even though India has a significant dependence on China, the government has taken immediate action after the clash on the border with China. The Department of Telecommunications asked BSNL to not use Chinese equipment in the up-gradation of its 4G facilities.
Even Indian Railways decided to terminate the contract of the Chinese signaling behemoth China Railway Signal and Communication Corp, which had won the contract in 2016 to install signaling systems in over 400 km in the Eastern Dedicated Railway Freight Corridor. The deal worth ~Rs. 500 crore involved designing, supplying, constructing, testing, and commissioning signaling and telecommunications for the railways.
Let us have a look at some infographics to understand the footprints of Chinese in the Indian market.
- The Shanghai Stock Exchange is the world’s 4th largest stock market by market capitalization at $4.0 trillion as of November 2018. The exchange started on 26th November 1990.
- The Art of War is an ancient military treatise from China attributed to the ancient Chinese military strategist Sun Tzu. The Art of War remains the most influential strategy text in East Asian warfare and has influenced military thinking, business tactics, legal strategy, lifestyles, and beyond.
- Jack Ma, is a business magnate, investor, and politician from China. He is the co-founder and former executive chairman of Alibaba Group. Ma is a global ambassador for Chinese business and is often listed as one of the world’s most powerful people, with Forbes ranking him 21st on its “World’s Most Powerful People” list.