Indian companies are racing to find alternatives to Chinese imports after a deadly border clash prompted a popular backlash and raised the risk of official action against goods from its geopolitical rival.
China has become a vital supplier to Indian industry, with its share of total imports rising from less than 3 per cent in 2000 to 14 per cent this year, according to brokerage Motilal Oswal.
India’s pharmaceutical sector sources about 70 per cent of its starting ingredients from China, while its booming mobile phone market is dominated by Chinese imports and brands such as Xiaomi. Automakers source about 25 per cent of component imports from China including vital electrical parts.
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