L&T Will Reduce Dependency On Chinese Products

L&T is India’s leading multinational engineering, technology, construction, and financial services conglomerate. L&T said that it takes pride in creating products and projects that are some of the longest, biggest, and largest in the world that are all made in India.

The company is committed to achieving self-reliance for the domestic industry by creating an ecosystem that supports and makes ‘Atma Nirbhar Bharat ‘initiative by the Govt. of India a strong and feasible one. This move from the Indian firm comes in light of the Govt. of India suggesting all Indian business houses to reduce dependency on Chinese products. The Govt. of India had made the suggestion in wake of the current situation at the Galwan Valley, where 20 Indian Army personnel were martyred by a brutal assault by the Chinese military last week, which has further escalated the border tensions.

The company also added that it is not feasible to completely boycott Chinese products and that the country will have to think from a long-term perspective. To counter-measure, we have to put in place certain policies and processes that could make the movement effective. The company is of the opinion that the country can arrive at a solution in the next 4-5 years and start making products in India with the same cost-effectiveness and efficiency. If there is a sudden imposition of import tariff with sudden changes made to the law, companies will have to look forward and expect compensation from the government. They will also need to find alternatives for their supplies which could be costlier and affect the final costs