India's largest conglomerate company JSW Group has announced to cut down imports from China worth USD 400 million to 'zero' in the course of two years, as a response to the violent stand-off between the two countries.
The ongoing protest in India for boycotting China mirrors a wave of anti-China sentiment among Indians, following the deaths of 20 Indian soldiers at the contentious Indo-Chinese border in the month of June.
Parth Jindal, Managing Director of JSW Cement and son of Group Chairman Sajjan Jindal announced the decision via Twitter, stating that the attack on Jawans in the border has come as a wake-up call and a clarion call for action and that the company is in solidarity with the ongoing movement.
The unprovoked attack by the Chinese on Indian soil on our brave jawaans has been a huge wake up call and a clarion call for action - we @TheJSWGroup have a net import of $400mn from China annually and we pledge to bring this down to zero in the next 24 months #BoycottChina— Parth Jindal (@ParthJindal11) July 2, 2020
As of now, the company has not released any official statement confirming the announcement.
Jindal's comment comes after the government of India banned 59 Chinese applications, citing reasons that they are engaged in activities which are detrimental in the interest of national security.
The JSW group caters to the core sectors of Steel, Energy, Cement and Infrastructure. The cement business of the company largely imports clinker (rock form of cement) from China.
Earlier this week, India's largest kitchen appliances maker TTK Prestige also announced that post the execution of current orders, the company will not source any new items and parts from China.
According to the media reports, Chairman of the company TT Jagannathan publicly informed that his company will not procure any parts or items from China post 30 September.
"We will locally produce those items which we imported from China or look at other markets like Vietnam or Turkey," Jagannathan said. Five years ago, the company was sourcing a third of its parts or appliances from China.
The movement of boycotting China has led to the shut down of many businesses, partnerships and human exchanges between the two countries, considering that India has remained one of the largest contributors to the Chinese economic success.
Around June 23, traders' body Confederation of All India Traders (CAIT) wrote to top industrialists including Mukesh Ambani, Ratan Tata, Azim Premji, Gautam Adani, Ajay Piramal, Anand Mahindra and Sunil Bharti Mittal seeking their support in its campaign to boycott Chinese goods.