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As per Chinese government data, India’s bilateral trade with China has increased to 43.3 percent in 2021, despite India’s measures to reduce dependence on imports from China and increased emphasis on self-reliance.
Widening Trade Deficit
The widening trade deficit between both the countries is a cause of concern. India’s imports from China are around four times its exports in value terms. India’s export basket comprises of primary goods. On the other hand, imports from China are dominated by value added items.
India’s dependence on China
The bilateral trade has increased despite moves taken by Government to reduce India’s dependence on Chinese imports, following border clashes between both the country. After a violent clash in June 2020, India’s Union Power Ministry imposed a ban on import of power equipment from China. State-owned telecommunication companies, BSNL and MTNL, were also asked to exclude Chinese telecom equipment firms. Government also blocked social media app TikTok and 58 other Chinese apps in India. In 2021, government converted the blocks into permanent bans. Foreign direct investment (FDI) rules were also modified, in a bid to prevent opportunistic takeovers of domestic firms by Chinese companies.
India’s largest trading partner
As per India’s Union Commerce Ministry, China was India’s second largest trading partner during April-November 2021, after the US. The UAE, Saudi Arabia, Hong Kong and Iraq were other top trading partners for India during this period.
Key Imports from China
Some of India’s imports from China include- smartphones, telecom equipment, components for smartphones & automobiles, active pharmaceutical ingredients (APIs), plastic & metallic goods and other chemicals.
By: Brijesh Kumar ProfileResourcesReport error
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