Wednesday , July 24 2024

Electronics sector faces losses of Rs 1.25 lakh crore due to tension with China | Live Updates, Unveiling the Latest India News Trends

Rising tensions with China have forced India's electronics manufacturers to stare at a production loss of Rs 1.25 lakh crore and cut one lakh jobs. This figure is for the last four years.

In June 2020, there was a clash between Indian and Chinese soldiers in the Galwan Valley of Ladakh. Since then, relations between the two countries are very tense. Which has also affected the economy. After the tension with China, the Indian government banned many Chinese apps. After this, it investigated the allegations of Chinese companies doing business in India, from tax evasion to money laundering. Chinese officials started getting delayed in getting visas. In the data submitted to various ministries, Electronics Manufacturing Industries said that India has lost an export opportunity of Rs 83,550 crore. Apart from this, there has also been a loss of two billion dollars in value addition. According to industry officials, 4,000 to 5,000 visa applications of Chinese officials are currently awaiting government approval. Which hinders the expansion plans of the Indian electronics manufacturing industry. This is despite the fact that India has set up a mechanism to settle business visa applications within ten days.

Lobby groups India Cellular and Electronics Association and Manufacturers Association of Information Technology are urging the Centre to expedite visa clearance for Chinese officials, which is currently taking over a month.