Nationalistic fervour aside, but what will it take for comments by Sajjan Jindal & Anand Mahindra to come true?

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26 Aug, 2025 12:21

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JSW Steel Chairman Sajjan Jindal created a flutter on July 5, when he said that industrialists can't "keep making money by buying cheaper Chinese raw materials for our business while our soldiers are getting killed at the LAC by them."

He added that many of his industrialist friends are upset as business with China is important to maintain healthy margins, but Jindal said the situation has arisen "because of our complacency" in accepting cheaper products from across the border, instead of developing local capability.

Jindal's posts on Twitter saw a lot of supportive responses from fellow citizens.

Also Read: Sajjan Jindal calls for unity among industrialists to curb Chinese imports

A few days earlier, on June 30, Anand Mahindra response to a Chinese daily editor, also evoked similar nationalistic sentiments.

The editor had cheekily said that Chinese people can't boycott any Indian products as there are no Indian goods to boycott.

Mahindra, Chairman of Mahindra & Mahindra , said: "I suspect this comment might well be the most effective & motivating rallying cry that India Inc. has ever received. Thank you for the provocation. We will rise to the occasion."

Twitterati replied with equal enthusiasm with some saying that few Chinese four-wheelers can match the performance of Mahindra's vehicles.

Also Read: Anand Mahindra hits back at Global Times' Editor-in-Chief’s tweet on Chinese apps ban

The nationalistic fervour from top industrialists is not surprising. "The sentiment has increased in the country, and the rule of the sovereign will now be far more visible in the action of corporate India," explains Tarun Bhatia,managing director and head of South Asia in the Business Intelligence and Investigations practice of Kroll.

"It will play out much more," adds Bhatia, about Indian businesses taking note of Chinese aggression. Kroll is a corporate investigations and risk consulting firm.

The Indian government had already banned 59 Chinese apps, including TikTok and shipments from the country have been facing higher scrutiny at Indian ports.

There have been several calls to boycott further Chinese products and services, since the standoff between the two countries left 20 Indian soldiers dead.

The anti-China sentimentality was already building up, notes Bhatia. With the Donald Trump administration in the US announcing sanctions against China in 2019, companies globally had been looking for alternate locations to get their suppliers.

The feeling strengthened after the COVID-19 outbreak in China, which has been alleged to have suppressed information about the virus.

The violence at Galwan valley, further galvanised Indian citizens against anything Chinese.

At the same time, how much of this sentiment is just academic?

"There is indeed a lot of opportunity here. A lot of businesses in India and globally will check on their dependence on China. Government will also closely scrutinise this," said Bhatia, in an interview with Moneycontrol.

But business wise, he adds, "getting out of China is easier said than done. There are many sectors, including pharma and renewable energy, that are heavily dependent on China," says Bhatia.

At the JSW Group, which imports goods and equipment worth $1 billion from China a year, it will take at least two years to reduce the dependency. The timeline will be longer for companies that don't have resources similar to Jindal's Group.

The critical factor to enable the transition, says Bhatia, will be the government policy. If a phone from China is cheaper, then people won't continue buying other phones that are more expensive. The mood right now may nudge them to shun Chinese products. But that won't last for long," says Bhatia.

"A lot of work needs to happen to make that happen. Ease of doing business has to further improve, investments locally have to increase and reforms, including that on labour, have to be implemented," he says.

There are examples of countries who did grab the opportunity. Vietnam is one, with some economists even wondering if the South East Asian country has been eating into China's manufacturing pie.

Economists point out that many things, including cheaper costs, open trade, liberalised investment policies, including a free trade agreement with European Union, have helped the country.

The question now is if India can make the most of the opportunity. "It's a long path. We need a strong vision, and need to implement it," says Bhatia.