Even Russian equipment and oil, or are they exempt from this equation?
Naturally impacts our sovereignty. Food, energy, defence, communication and now industrial-grade semiconductors. If you are getting these technologies from elsewhere, it affects sovereignty.
India is food and communication independent. Industrial-grade semiconductors, we should become independent long before the end of the decade. Defence, before the end of the decade, we should become independent in almost everything save for some very high-end aerospace tech but will be solved in time. Energy, we have a plan that involves switching almost entirely to home-made hydrogen, the process could begin large scale from the next decade onwards.
Russia has food, energy, comm and defence independence, but don't have semiconductors. China lacks energy. US is good for all.
Then there are other areas where one can lose sovereignty, like what Japan faced in the 80s and China is facing now. A ridiculously high trade surplus in finished goods trade gives the deficit country a negotiations advantage, especially if they can buy the same thing from elsewhere even if at a slightly higher cost.
India faces a similar issue due to high dependency on foreign investment in our stock market, although it's rapidly changing. So all the US has to do is hike interest rates and these FIIs pull their money out, it's a huge amount, and this results in weakening of our currency and makes energy imports more expensive, which has a cascading effect on our economy because the market is extremely sensitive to the price of oil. So we need to put pressure on the US, even the EU, to prevent unplanned hikes, and that requires giving some concessions elsewhere.
The Chinese handle this issue with strict capital controls, but India doesn't. Probably because the concessions we give is affordable in exchange for other benefits, like more investments, greater recognition of the rupee etc. Otoh, concessions required from China are probably unaffordable to them. They politically don't like such destabilising investments anyway, they prefer domestic participation in the stock market. Foreigners have $620B in India's stock markets, if the US and EU decide to pull out, we are screwed, unless capital controls are applied. In the long term, INR will become a reserve currency, it will be fine then.
You can say that it will take until 2040 or 2050 for India to become as sovereign as the US is today.
and lest i be accused of bias in favour of India:
