look news india
In June 2020, there was a clash between Indian and Chinese soldiers in the Galwan Valley of Ladakh. Tensions have spread between the two countries since 20 Indian soldiers were martyred in this incident. This tension between India and China has also had a big impact on the economy. According to the report, due to these conflicts between neighboring countries, the country's economy has suffered losses of billions of dollars and so far more than 1 lakh people have lost their jobs.
You will be shocked and surprised to know but yes, due to India-China tension, the jobs of more than 1 lakh people have been affected in the last 4 years. At the same time, from production to export, the economy is likely to suffer a loss of Rs 2.2 lakh crore.
A report on India-China tension, quoting industry experts, said that due to this incident, the country's electronics manufacturing sector has suffered a production loss of up to $15 billion. Due to this, employment of about 1 lakh people has been reduced in the last 4 years.
After tensions between India and China escalated, the Indian government banned several Chinese apps. The matter did not stop here. After this, there was a thorough investigation into the allegations of Chinese companies doing business in India, ranging from tax evasion to money laundering. Chinese officials started getting delays in getting visas and ultimately all this affected the country's economy.
Loss of $15 billion in production due to India-China tension. According to the report, this uncertainty has also taken away $10 billion of exports from India. At the same time, value addition of $2 billion could not happen due to this tension. Domestic value addition is currently around 18 percent, which can see an increase of 22-23 percent with China. Due to all these effects, the country's economy has suffered a potential loss of Rs 2.2 lakh crore.
5000 visa applications pending, extension on hold:
The tension between India and China has not only had diplomatic but also operational implications. While India is working on creating a system to approve business visas in just 10 days, currently 4000 to 5000 visa applications are still pending with Chinese authorities. In addition, Chinese electronics and automobile manufacturing companies doing business in India are skeptical about their investments. This uncertainty is also affecting the expansion plans of India's electronics manufacturing industry.
In this regard, organizations like 'The India Cellular and Electronics Association' (ICEA) and 'Manufacturers Association of Information Technology (MAIT) have asked the Indian government to approve the visas of Chinese officials as soon as possible. This visa application currently takes more than 1 month.