Different chains.

"India's foreign exchange reserves jumped to $584.76 billion for the week ended April 7, the highest in nine months, the Reserve Bank of India's (RBI) statistical supplement showed." Reuters. "That is an increase of $6.3 billion from the previous week." The rupee has strengthened to below 82 to the dollar, xe.com, which is a big jump from 83.02 to the dollar in October 2022. ET. "India's exports rose 6% to $447 bn in 2022-23 as against $422 bn in 2021-22," while, "the export of goods and services together scaled 'new heights' and has increased by $14 billion to $770 billion in 2022-23 as against $676 billion in 2021-22." BT. "The overall imports of goods and services have touched $892 billion and it reflects the country's economic activities are growing and that has supported exports." Naturally, "India's current account deficit, a key indicator of the balance of payment position, fell down to $18.2 billion or 2.2 percent of GDP in the December quarter of the current fiscal, according to the RBI data." BT. In January, "India is set to post a balance of payment deficit for the second straight year in the next fiscal, which would be the first such instance in two decades, Standard Chartered Bank said." Reuters. "India seeks to be more involved in world supply chains and serve as an alternative to China through output-incentive plans and the growth of its domestic consumer market, Finance Minister Nirmala Sitharaman said." "Production-linked incentive (PLI) schemes covering 13 manufacturing sectors including semiconductors 'are bringing global value chains to India', Sitharaman said." Vietnam was expected to replace China in supply chains, but it hasn't happened, wrote Anjani Trivedi. "For one, the world's factory floor isn't going to be elbowed aside any time soon. Chinese companies are effectively exporting their supply chains and facilities to Europe and Mexico in a bid to ride the nearshoring trend." India is dependent on imports from China. "As India looks to reduce its dependence on China for imports, a new study found that Chinese goods are not only critical across various sectors, but in some cases 'preferred' by India manufacturers," The Wire. " "Therefore, Chinese products were also boosting India's exports in key sectors, including inorganic chemicals, pharmaceuticals, iron and steel." "In most nations, the need for scale is obvious. Not so in India, which remains blinded by its huge domestic market," wrote Mihir Sharma. "Policymakers at the highest level are keen to debate geopolitical shifts and India's balancing role in the global order," but "When it comes to trade, decision-making is left to middle-level bureaucrats - or, worse, to chambers of commerce who have never seen a tariff they didn't want to double." German businesses are rethinking their excessive dependence on China and are looking at India, wrote Vijay Gokhale. "German industry recognises that great changes have occurred in India's economic landscape over the recent years in terms of both physical infrastructure and laws and regulations, but their experience with the local bureaucracy is still a matter of concern." So called, democratic India has more obstacles than communist China. China has the supply chains. India has chained people.