(Juhi Aishwary, Journalist): In the last two decades, China has tried to tighten its grip on the economies of the world, not just India. It is well known that China, through its aggressive foreign trade policy, has dominated the markets around the world. Large scale export subsidies sell their goods cheaply (also called dumping) under-invoicing, i.e. sending their goods to other countries with fewer bills, selling inferior goods, and sometimes even smuggling. , Many such unethical and illegal tactics have been adopted by China. There are free trade agreements with some countries, under which imports are imported from them at zero import duty. China has also been doing the wrong job of sending goods through these routes.
China, on the other hand, gets its companies to sign small amounts to get infrastructure tenders, which allows them to get tenders at several strategic locations. Not only this, but China is also making a profit through social media apps, e-commerce apps and other types of apps, but also collecting valuable information of our public and sending it to China, present a security crisis for us. The Government of India has also tightened its stand against all these acts. Recently, the Government of India has done a ban on 59 Chinese apps and cancellation of contracts of Chinese companies. Preparations are being made to increase import duty and adopt other non-tariff measures to curb their imports. For the last time, Chinese companies and investors who cannot be separated from the Chinese government have been investing heavily in Indian startups and other businesses.
Some people say that since investment is coming from China, we should not stop it, otherwise our startup may stop funding and impact businesses and employment in the country. It is also argued that cheap imports from China should be allowed to come Because this lowers the cost of producers and they can be globally competitive. But we should not forget that our startup is our future industry and business. If their ownership and management go into Chinese hands due to Chinese investment, then nothing will remain Indian. Not only their business decisions, valuable market, and data will also go into Chinese hands. The example of Paytm is before us. Today Paytm is in the hands of China’s Alibaba with the largest market share in digital payments. He is now venturing into banking as well. Recently, Alibaba has tried to enter the insurance business directly by purchasing the deceased insurance company Raheja QBE General Insurance Company through Paytm.
The conclusion is that Chinese investment should be seen as entrusting its businesses to Chinese hands, not just as an investment. Secondly, due to the boycott of China, the business of Indian enterprises, apps, payment companies, infrastructure companies is moving forward. In such a situation, if the Chinese investment in these companies is not stopped, then these companies too will soon go into Chinese hands and the country will continue to go hand in hand. It is important that investment by Indian investors should prevent enterprises from entering Chinese hands. This requires that our Indian investors invest in Indian startups. For a long time, Indian investors have been investing in Indian startups through venture capital.
Since these startups carry a high risk, banks and other financial institutions are reluctant to lend to them. But venture capitalists readily agree to provide part capital to them, as the profits from successful entrepreneurs make up for their losses even if some startups fail. Venture capitalists are Indian as well as foreigners. Foreigners include funds from Chinese, American European, and other countries. It is seen that the investment of funds in related startup companies in e-commerce and digital payments in India has increased a lot.
It is a matter of concern that through the ownership of this e-commerce, social media, and payment companies, China is moving a lot of valuable data from our country to our business and our social networks including internal and external security- There is a huge threat to the weft and religious harmony. For this, it is necessary not only to stop Chinese investment but to find possible ways to get back the companies in which Chinese investment has been done earlier.
Perhaps this was exempted from tax by foreign investors with a view to promoting foreign investment. But today in the changed circumstances where investment from China is unexpected, we can encourage Indian investment by at least applying the principle of parity in tax liability. The country will have many benefits from stopping Chinese investment and reversing earlier investment. One, the startups of our youth will remain owned by the country and the profits from them will not go to China. Secondly, there will be no migration of ideas and intellectual property of the youth
So far it has been seen that China has been doing an unfair job of stealing intellectual property and increasing its business. Thirdly, the valuable data of our country will also not be able to go to China, so that we will be able to ensure our strategic security, as well as our authority over our e-commerce and social media. Fourth, because China is an enemy country, its economic power will also be eroded due to its capital not getting opportunities. It has to be understood that today not only India, but the entire world is also ready to teach China a lesson for its acts. In such a situation, India should not back down from its obligation.
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