Pune, Feb 24 (KNN) Businesses are equally responsible for trade imbalance with China, said External Affairs Minister S Jaishankar on Thursday. 

He blamed corporates for not developing the right sourcing arrangements while speaking at Asia Economic Dialogue (AED), MEA’s annual flagship event on Geo-economics.

It was co-hosted in collaboration with city-based think-tank Pune International Centre.

He warned that “massive external exposure” puts our national security at threat.

Although he stated that the government’s flagship ‘Atmanirbhar Bharat’ initiative pitching for self-reliance is a corrective attempt.

Terming the challenge posed by the trade imbalance with China as very “serious” and “formidable”, he said the responsibility here is not just of the government, but it is an equal responsibility of businesses as well.

“Indian corporates have not developed the kind of backwards (integration), vendor supplies, components and parts, ingredients and intermediates that should be supporting us,” he said.  (KNN Bureau)