The chairman of JSW group -Sajjan Singh Jindal has been vocal about cutting trade links with China. He said that in such a situation when the border tensions between India and China have flared up and lots of our soldiers had to lose their lives at LAC, the trade between the two countries cannot continue as before.
SURFACES REPORTER (SR) notes that with India’s various industries heavily dependent on China, it is a difficult choice. Mr Jindal while speaking with a mainstream media reiterated the same.
“It is not an easy route. The auto industry is dependent on China for 40% of components. The steel industry’s 100% refractories come from China. One approach is to say that war will be fought by our soldiers, and my job is to make steel at a cheaper price by buying from China. But another view is — look at the $100 billion opportunities that Indian companies should tap. There will be some pain in the short run. But see, I respect my country and my army. If they (China) have killed 20 of my soldiers, I’m not going to buy products from them and strengthen their armies more.”
He said that there might be over a billion dollars of imports that come from china at JSW directly and indirectly. But the group has recently put a restriction in all their purchases from China. The main focus of the company is that no material should be imported from a country that is not friendly to India. He further explains, that all the refractories for his company’s blast furnaces also come from China but they have already found a substitute for that. They have placed orders from Turkey and Brazil and some from India. The cost too will neutralise in the coming 3-6 months.
According to him, when we import equipment from countries other than China, it definitely costs them around 10-15% more. But the company is negotiating or even sacrificing some cost for the short term. They believe that once there will be an increase in the countries capacities, the cost will naturally come down. He finds it a narrow-minded approach of those who think that there is no alternative.
Earlier, his son Parth Jindal-the managing director of JSW cement- also assured that the group will completely cut imports from China in the next 2 years. Currently, the group imports USD 400 million worth of goods from China. This action was taken due to the recent conflicts between Indian and Chinese soldiers in the Galwan Valley.
This prominent industrialist- Sajjan Singh Jindal -called upon all the industrialists of the country to work in unity for a strong and self-reliant India by curbing Chinese imports. He said that we have to show confidence in products manufactured in India and reduce our dependence on China. We should do this to support our army and government.
Ranked among the leading conglomerates in India, JSW Group is a $12 billion company led by Sajjan Jindal and part of the Jindal Group. It is a vital part of the O. P. Jindal Group and has been a part of several major projects that have played a pivotal role in India’s growth.
SR raises a question to all other industrialists in the country- Will they also follow the JSW group by stop importing goods from China?