Chinese companies are slowly but with great strategy making strides in India's IT, technology and other sectors. It is becoming difficult for Indian companies to challenge the pace of Chinese companies expanding industry by industry in almost every sector. There is hardly any sector left from smartphones to automobiles / electric vehicles and digital payments and consumer electronics to social media, where Chinese companies have not interfered.
While American companies such as Amazon, Facebook, and WhatsApp have faced scrutiny and political opposition several times, Chinese companies are continuously increasing their presence in the Indian market. The size of China's economy is currently $ 14.14 trillion. By 2024, it has set a target of $ 20 trillion to the economy. In this order, India has emerged as an important market for China with millions of customers. Chinese companies have created a crisis in the existence of domestic companies in India in some sectors. The example of the smartphone sector is relevant in this order. According to Hong Kong's Counterpoint Research, the Chinese brand dominated India's 72 percent smartphone market in 2019.
Its level was 60% a year ago. BBK Group alone occupies 37% of the market. Along with this, BBK is the parent company of Oppo, Vivo, Realme and OnePlus brands. Its rival company Xiaomi, with its Redmi and Poco brands, occupies 28% of the market.
Increased production at the same local level: To increase the Indian market, Chinese companies have also set up their manufacturing plants here. Xiaomi, along with Taiwanese multinational electronics firm Foxconn and Singapore-based Flex Limited, has just opened 7 smartphone manufacturing plants in India. 99% of its smartphones sold in India are manufactured locally. In these 7 plants, Xiaomi has employed more than 25,000 people.