The Economic Times reported on October 19 that Sajjan Jindal, chairman of India's largest steelmaker JSW, pointed out that India's "meager" R&D budget may lead to India's high dependence on Chinese key technologies, urging the Indian government to make a choice between confrontation with China and trade. Jindal pointed out that Indian companies have focused on capacity expansion in recent years, with serious lack of R&D investment. Currently, India's R&D expenditure accounts for only 0.66% of GDP, far lower than China's 2.4% and the United States' 3.5%. Among them, the core components of the Indian electric vehicle industry, batteries, mainly rely on imports from China, Japan and South Korea. S&P Global Mobility predicted that by 2030, India's local battery capacity will only meet 13% of domestic demand. Therefore, before achieving the ultimate goal of "Made in India", Indian enterprises may highly depend on importing technology from China. To this end, the Modi government has vigorously promoted "Made in India", focusing on strategic emerging industries such as electric vehicles, smartphones, and semiconductors, and introduced supporting policies including corporate tax reductions and consumer subsidies. It is worth noting that on October 15, China requested consultations with India at the World Trade Organization regarding India's electric vehicle and battery subsidy measures, accusing India of possibly violating several obligations such as national treatment and constituting import substitution subsidies, which harm the interests of Chinese enterprises.
Original: www.toutiao.com/article/1846575042898944/
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