Policybazaar & MobiKwik urges Modi Government to toughen on Chinese companies. The representatives of India’s technology sector are encouraging country to progressively limit China’s exposure to Indian markets and advise India to better defend the rights of domestic firms against global competitors.
Policybazaar’s Co-Founder and CEO Yashish Dahiya stated India must strategically reduce China’s access to Indian markets. “China has long been the bratty kid who thinks it’s okay to grab others’ cake without sharing your own. If India doesn’t do it now, it can never be done,” Dahiya added.
“It’s not an easy position to take,” mentioned by Dahiya, CEO of Policybazaar .
“A sovereign nation has no parent but someone’s got to stop China from misbehaving.” he added further.
Urging Restrictions On China
On 29 June, the Indian Government declared a ban on 59 Chinese mobile apps, including TikTok, SHAREit, CamScanner, Clean Master-Cheetah mobile, etc. Since then, relations between the two nations have intensified and this economic retaliation serves as a response from India by ‘digital Fight.’
Co-founder of Policybazaar Yashish Dahiya — whose business is sponsored by Tencent Holdings Ltd.—and MobiKwik frontman Bipin Preet Singh urged Modi to step forward.
Embolished by increasing animosity to its giant rival, they want authorities to limit their exposure to Indian markets, to lay down laws to reign in consumer data management and to fund local entrepreneurs.
An official with the Chinese Indian Embassy said that Beijing should take “necessary measures” to shield the country’s businesses from a ban that violates their legal freedoms, and asked Modi’s government to undo “wrongdoings.”
“The China versus U.S. battleground is neither China nor the U.S., but India,” stated by MobiKwik frontman Bipin Preet Singh.
“If only foreign companies represent India ‘s entire 1.3 billion people, how can that be a good thing? “In a telephone interview Singh told from his New Delhi center.
“Yet India doesn’t have a single technology giant, it’s become a growth engine for global companies. What is India doing wrong?” he added.
Records Over The Years
Over the past few months, India has raised more than $20 billion from American giants including Google and Facebook. China has played a major role over India’s technology sector over the years. As per the Mumbai-based Gateway House think tank.
Also in 2019, aside from TikTok, mobile brands such as pioneer Xiaomi Corp. And Oppo, companies such as GGV Capital and Qiming Venture Capitalists nearly increased China’s spending on Indian companies to $3.9 billion.
“I’m not advocating a closed or protectionist environment like China’s, but India needs local champions and also needs to safeguard its data and security,” Singh said.
“We need competition, we need choices. But we can’t have a situation where there’s no Indian player in entire segments. From search to messaging, social media, eCommerce and payments.” Bipin Preet Singh added.
Mobikwik payments platform is competing with both Google Pay and Alibaba-backed Paytm.
Mobikwik has “earned $100 million so far. And is taking on businesses with a combined market cap of over $2 trillion”. He added.
Despite trade walls built over the last few weeks, businessmen might have heated up. The government should recognize key markets, and feed local entrepreneurs, advocated by Mobikwik’s Singh.
