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free trade agreementCNBC
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86% Informative
India 's commerce and industry minister Piyush Goyal says it is not in the country's interest to be part of a free trade agreement with China .
Goyal accused China of using the World Trade Organization's policies to its advantage, flooding various economies with goods at low prices which often do not meet quality standards.
The minister also made a strong case for India to become a Taiwan "plus one" semiconductor country.
India 's chip strategy has two main components: attracting foreign companies to establish operations and invest in the country.
In 2021 , the government approved a $10 billion incentive program for the sector, which is also available to foreign companies.
As of 2024 , Taiwan , the world's chipmaking powerhouse, is expected to hold around 44% of global market share.
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