India was expected to be a huge beneficiary of the ongoing trade war between the two biggest economies in the world. But it seems the country wasn’t prepared to replace China in the US market.
According to a latest media report, between 2017 and 2023, China’s share of US imports dropped by 8%. It means there was a huge void in the US that India could have filled but its share only grew from 0.6% to 2.7%.
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Meanwhile, other countries like Vietnam, Taiwan, and South Korea grabbed a bigger slice and outpaced India.
This is a big blow to Prime Minister Narendra Modi’s goal of boosting India’s manufacturing sector, which has been stuck at around 17% of GDP for over a decade.
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The competition will only increase if Donald Trump returns to the White House and imposes a 60% tariff on Chinese goods as he promised. The study warns that India might struggle in the competitive market as it is already lagging behind other countries.
Although India has had some successful electronic exports to the US, it’s not all good news. China still has the major market share with its semiconductor components, suggesting that India isn’t adding much value.
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Modi’s vision for India as a manufacturing hub is far from being realized. The competition is only getting tougher and other countries seem more prepared than India.
