China's Manufacturing Dominance: A Strategic Challenge for India's Growth

The Economic Survey indicates that while India aims to become a developed nation by 2047 with an 8% growth rate, it must tackle challenges arising from China's dominance in manufacturing and strategic sectors. Global trade restrictions further complicate growth, necessitating a reassessment of outsourced manufacturing practices.

India's aspiration to transform into a developed nation by 2047 hinges on achieving an 8% growth rate, as underscored by the recent Economic Survey.

However, China's manufacturing might and strategic sector dominance present formidable challenges to this vision. The Economic Survey highlights a significant impact on India's medium-term growth projections due to Chinese imports and global economic shifts.

With over 24,000 new trade restrictions globally since 2020, the survey argues for a global manufacturing reset, moving away from the reliance on China spurred during the globalization era.

(With inputs from agencies.)