According to Bloomberg on the 21st, India’s industrial ambitions are increasingly dependent on acquiring Chinese technology.
India imported nearly $48 billion worth of electronic and electrical equipment from China in 2024, highlighting its heavy reliance on Chinese components for the assembly of electronic products such as smartphones and telecommunications networks. Similarly, India’s renowned pharmaceutical industry also imports most of its active pharmaceutical ingredients from China. In addition, India is highly dependent on China for rare-earth magnets to achieve its ambitions in the fields of electric vehicles, renewable energy, and consumer electronics.
The report stated that what India needs from China is not just goods and hardware. In the most critical areas of technological need, from electric vehicle batteries to clean energy storage, India also requires China’s technical capabilities and expertise. In these areas where local technology is insufficient and alternatives are scarce, some large Indian business groups are quietly exploring collaborations with Chinese companies.
For example, Indian billionaire Gautam Adani visited China and met with executives from the world’s largest battery manufacturers, and held initial negotiations with Chinese electric vehicle giant BYD regarding potential battery manufacturing collaborations. Another Indian billionaire, Sajjan Jindal, whose JSW company has reached an agreement with a Chinese automotive company to obtain electric vehicle-related technology and components.
Similarly, China also needs India. In 2024, India imported and sold about 156 million smartphones – providing a huge market opportunity for Chinese manufacturers such as Xiaomi, vivo, and OPPO, which have already dominated sales in India.
As the third-largest automotive market in the world, with approximately 4.3 million passenger vehicles sold in 2024, India is also an important target market for Chinese automakers.
The report stated that this demonstrates that Chinese companies also benefit from collaborations, gaining access to one of the world’s fastest-growing consumer markets.