China is building future industries, India is chasing ice cream and instant delivery: Harsh Goenka’s question for India Inc
According to Goenka, China's strategy is to control different parts of these industries, from raw materials and technology to manufacturing and, eventually, the wider ecosystem.
- Sep 23, 2026,
- Updated Sep 23, 2026 5:36 PM IST
Industrialist and RPG Group chairman Harsh Goenka on Tuesday said China is building a strong position in industries that could shape the next 20 years, including rare earths, magnets, batteries, electric vehicles, robotics, semiconductors and advanced manufacturing.
In a post on X, Goenka pointed to Chinese company JL Mag as an example. He said the company already dominates high-performance rare-earth magnets and is now moving into components for humanoid robots.
“China is building dominance in the industries that will define the next 20 years- rare earths, magnets, batteries, EVs, robotics, semiconductors and advanced manufacturing,” Goenka wrote.
Don't Miss: 'Take immediate remedial measures or halt SIR': Ex-CEC OP Rawat on West Bengal voter deletions
According to Goenka, China's strategy is to control different parts of these industries, from raw materials and technology to manufacturing and, eventually, the wider ecosystem.
“The strategy is simple: own the raw material, the technology, the manufacturing and eventually the entire ecosystem,” he wrote.
Goenka also compared this approach with the sectors being pursued by many Indian businesses. He said much of Indian business was still focused on areas such as bottled water, ice creams, snacks, packaged foods and instant delivery.
He also questioned India's software success, saying it was “largely built on labour-cost arbitrage”.
“China is building tomorrow’s infrastructure. We, in India, should be asking- what are we building that the world will need tomorrow?” Goenka wrote.
Must Read: FMCG, kirana, garments: Which MSME sectors are seeking the most festive credit?
About JLMAG
Founded in 2008, JLMAG makes neodymium-iron-boron (NdFeB) permanent magnets, which are used in electric vehicles, auto parts, wind power equipment, air conditioners, industrial motors, robots and other products.
The company is listed on both the Shenzhen Stock Exchange and the Hong Kong Stock Exchange.
JLMAG had an annual production capacity of 40,000 tonnes by the end of 2025 and produced about 38,000 tonnes during the year, with its plants operating at more than 90% capacity. It is also expanding its Baotou facility by another 20,000 tonnes a year, with the company targeting total production capacity of 60,000 tonnes by the end of 2027.
The company is also working on products for newer applications, including motor rotors used in humanoid robots. Its business includes magnet production, magnetic components, recycling of used magnets and rare-earth related activities.
]JLMAG has production bases in Ganzhou, Baotou and Ningbo and is also building a manufacturing facility in Mexico.
Industrialist and RPG Group chairman Harsh Goenka on Tuesday said China is building a strong position in industries that could shape the next 20 years, including rare earths, magnets, batteries, electric vehicles, robotics, semiconductors and advanced manufacturing.
In a post on X, Goenka pointed to Chinese company JL Mag as an example. He said the company already dominates high-performance rare-earth magnets and is now moving into components for humanoid robots.
“China is building dominance in the industries that will define the next 20 years- rare earths, magnets, batteries, EVs, robotics, semiconductors and advanced manufacturing,” Goenka wrote.
Don't Miss: 'Take immediate remedial measures or halt SIR': Ex-CEC OP Rawat on West Bengal voter deletions
According to Goenka, China's strategy is to control different parts of these industries, from raw materials and technology to manufacturing and, eventually, the wider ecosystem.
“The strategy is simple: own the raw material, the technology, the manufacturing and eventually the entire ecosystem,” he wrote.
Goenka also compared this approach with the sectors being pursued by many Indian businesses. He said much of Indian business was still focused on areas such as bottled water, ice creams, snacks, packaged foods and instant delivery.
He also questioned India's software success, saying it was “largely built on labour-cost arbitrage”.
“China is building tomorrow’s infrastructure. We, in India, should be asking- what are we building that the world will need tomorrow?” Goenka wrote.
Must Read: FMCG, kirana, garments: Which MSME sectors are seeking the most festive credit?
About JLMAG
Founded in 2008, JLMAG makes neodymium-iron-boron (NdFeB) permanent magnets, which are used in electric vehicles, auto parts, wind power equipment, air conditioners, industrial motors, robots and other products.
The company is listed on both the Shenzhen Stock Exchange and the Hong Kong Stock Exchange.
JLMAG had an annual production capacity of 40,000 tonnes by the end of 2025 and produced about 38,000 tonnes during the year, with its plants operating at more than 90% capacity. It is also expanding its Baotou facility by another 20,000 tonnes a year, with the company targeting total production capacity of 60,000 tonnes by the end of 2027.
The company is also working on products for newer applications, including motor rotors used in humanoid robots. Its business includes magnet production, magnetic components, recycling of used magnets and rare-earth related activities.
]JLMAG has production bases in Ganzhou, Baotou and Ningbo and is also building a manufacturing facility in Mexico.