ONLY A STEEP RISE IN STEEL CONSUMPTION IN INDIA CAN BOOST MANUFACTURING
NEW DELHI HAS TO REORIENT STRATEGY TO TAKE ADVANTAGE OF CHINA’S SLOWDOWN
2024-09-26 12:32
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How has China become an awe-inspiring manufacturing powerhouse backed by crude steel capacity of 1.078 billion tonnes and aluminium smelting capacity of 45.19 million tonnes? Any number of dissertations on the subject analysing the economic and political factors propelling the country’s rapid industrialization since the late 20th century are available. All scholarly inquiries into the subject will credit the “economic miracle” to Deng Xiaoping, the unquestioned leader of the People’s Republic of China for over a decade up to November 1989. The architect of modern China created favourable condition for foreign investment through an “open door policy.” China’s ascendance to being the world’s second largest economy is largely due to Deng era reforms.