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Challenges persist in India-China business relations despite high-level talks
Despite recent high-level talks between India and China, on-ground business relations remain strained. China continues to hold rare earth magnet import applications, while India maintains Press Note 3 and BIS restrictions. This impasse significantly impacts Indian auto and electronics companies, forcing them to seek costly alternatives amid slow-moving discussions for normalization.
Chief executives of leading automobile and electronics companies said there has been little on-ground improvement in India-China business relationship despite recent top-level bonhomie between the two countries.
All 51 applications by Indian auto companies to import heavy rare earth magnets remain pending with Beijing, while New Delhi's restrictions such as Press Note 3 approvals and BIS clearances also stay intact, they noted.
This is hurting their business plans.
To be sure, talks are on. But they are moving very slowly.
“There has been no movement (in supplies of rare earth magnets) so far despite high-level talks between India and China,” a senior auto industry executive said on condition of anonymity. Imports of rare earth magnets — used in about a dozen critical components of electric vehicle motors as well as vehicle speed detection and automatic gear shifting systems — from China stopped in April. Three CEOs of top Indian electronic contract manufacturing companies said they have been advised by government officials that there is no regulatory shift or softening from the Indian government on key issues.
“Things are status quo despite all the positive signals we got after Prime Minister Narendra Modi's visit to China earlier this month,” one of them said. “We have heard there will not be any shift in regulatory norms immediately.”
Some are, however, hopeful that things will soon improve.
“Right now, we are importing motors due to non-availability of heavy rare earth magnets,” said Jalaj Gupta, managing director of TI Clean Mobility that manufactures a range of electric commercial vehicles under the Montra Electric brand. “But we are hopeful that the situation will improve in the next couple of months.”
Modi and Chinese President Xi Jinping held discussions during the Indian prime minister's first trip to China in seven years earlier this month. This had reignited hope and expectations among companies that pending business-related issues will be sorted out between the two countries and there would be a softening of stand.
While China initially said it will resume shipments of heavy rare earth magnet, they went back subsequently, another auto industry executive noted. “There has not been much relaxation on our side either so far,” he added.
A section of the Indian industry had even expected a dilution of Press Note 3 — which makes government approval mandatory for foreign direct investments (FDI) from China and other countries sharing land border with India — after Modi's visit. They hoped the government would allow at least 50:50 joint venture applications, which would help them rope in Chinese partners to set up plants under the Electronics Component Manufacturing Scheme, the application deadline for which is September 30.
The government has indicated to the industry that its earlier decision to allow PN3 applications only where the Indian partner has a dominant majority continues.
Similarly, manufacturing units in China still require mandatory approval from the Bureau of Indian Standards (BIS) before their goods can be sourced by industries under quality control order, like auto, electronics and general household items like footwear, toys and furniture.
The BIS has not been giving approval to Chinese factories. In some cases, it's giving approvals on a piecemeal basis for short periods.
Sourcing issues
The chief executive of a leading footwear brand said it used to import women's high-end footwear and specialised shoes like those used for trekking from China. The company has not yet found an alternative location to source them from, which is impacting its business. To be sure, there has been an improvement as far as India has allowed business visas to Chinese executives, which had stopped since the border clash between the two nations in 2020.
“India has started giving visas to Chinese nationals to come and oversee business operations in the country,” said the auto industry executive cited above. “Talks are on between both countries, but it will take some time for trade ties to normalise.”
Add as a Reliable and Trusted News Source Add Now! Most global and Indian automakers have already made alternative arrangements to tide over the crunch in rare earth magnet supplies and ensure production does not get disrupted. Some have commenced importing sub-assemblies (fitted with heavy rare earth magnets). Two-wheeler makers have worked on solutions utilising light rare earth magnets. However, it does not work for three-wheeler makers. “Light rare earth magnets are not as efficient on three-wheelers as these vehicles are much larger, these magnets do not provide the required torque,” an industry executive said.
Source: EconomicTimes
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