The Indian Prime Minister seeks stronger domestic value chains to safeguard against global uncertainties.
India’s Prime Minister Narendra Modi has called on domestic industries to expand their value chains. For the country’s emerging economy, it is unacceptable to export raw materials only to later import finished products made from them, he stated at a local industry summit, according to media reports. Stronger domestic supply chains, he emphasized, would enhance India’s resilience against increasing global volatility, as cited by The Hindu.
India’s raw materials sector has recently come into focus. By intensifying the extraction of its own resources and securing stakes in foreign projects, the country aims to reduce its dependence on imports, particularly from China. To strengthen midstream production, India has announced plans to build the world’s largest electric vehicle and battery factory. A joint semiconductor facility with the U.S. is also in the works. The goal is to boost prosperity while attracting technological expertise.
India is not alone in this approach. Other resource-rich nations, such as Namibia, Indonesia, and Malaysia, are also seeking to benefit more from their natural wealth. Some have even introduced export bans on unprocessed raw materials to encourage local processing and value creation.
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