India Inc also responsible for trade imbalance with China, says MEA S Jaishankar

External Affairs Minister S Jaishankar on Thursday blamed corporates and said the responsibility for the trade imbalance with China rests squarely on businesses as well.

He blamed Indian corporates for not developing the right sourcing arrangements while speaking at the Asia Economic Dialogue. Jaishankar said the government is doing its bit by bringing in policies like the thrust on Atmanirbhar Bharat and made it clear that the "massive external exposure" puts national security at threat.

Terming the challenge posed by the trade imbalance with China as very serious and formidable, the career bureaucrat turned politician said the responsibility here is not just of the government, but it is an equal responsibility of businesses as well.


"Indian corporates have not developed the kind of backwards (integration), vendor supplies, components and parts, ingredients and intermediates that should be supporting us," PTI quoted him as saying.

With lots of people, including former RBI Governor Raghuram Rajan, asking India to focus on services, Jaishankar warned that those who "do down" manufacturing are "actually damaging India's strategic future".

(With inputs from PTI)