Without naming a particular country, commerce minister Piyush Goyal on Wednesday said that India found itself “let down miserably” by other countries during Covid-19 pandemic.
“They even refused to make an application to get the vaccine into the Indian market, even though we were willing to waive all the conditions, so it’s a global phenomenon. He outlined a strategy to deepen domestic manufacturing by moving up the value chain—from finished goods to modules, components, raw materials and capital equipment. He added that India is open to joint ventures with any country, provided the terms are fair, engagement remains consistent and geopolitical conditions do not worsen.
Bloomberg reported in July that the Ministry of Commerce and Industry was drawing up a list of more than 100 products across sectors such as electronics, chemicals, pharmaceuticals, fertilizers, semiconductors, automobiles and machinery, where domestic manufacturing could be expanded to reduce import dependence.
Goyal said the West refused to provide them with Pfizer and Moderna vaccines, adding that they refused to make an application to get the vaccine into the Indian market. “When we needed Pfizer and Moderna vaccines, the West refused to give it to us,” he said. In response to that experience, Prime Minister Narendra Modi “gave the clarion call for Atmanirbhar Bharat, self-sufficient India,” Goyal said. Speaking at the same forum, Electronics and IT Minister Ashwini Vaishnaw said India now produces all the components required for several products. The approach is also being pursued in semiconductors, railways and other industries, according to Bloomberg. Goyal also said that India is working to rebuild ties with China, while stressing that the outcome of the process remains uncertain.
