New Delhi, October 20 (KMS): India is now ever more dependent on Chinese imports despite tall claims by Prime Minister Narendra Modi’s government about lessening the country’s reliance on China-made goods with Beijing’s trade surplus with New Delhi being exceeded $1 trillion, The Hindu reported.
According to Kashmir Media Service, a trade deficit happens when a country’s imports exceed its exports.
Trade ties between India and China began to grow in the early 2000s, driven by imports to India from China.
A large portion of these imports, according to the Indian government, include footwear, iron and steel, copper, nuclear reactors, animal and vegetable fats, mineral fuels, and inorganic chemicals among others.
In the past five years alone, imports from China have increased by nearly 30%, the Indian informed parliament in July.
“In 2021, annual two-way trade crossed $100 billion for the first time, reaching $125.6 billion, with India’s imports accounting for $97.5 billion, pegging the imbalance at close to $70 billion,” according to The Hindu.
The increase in Chinese imports has come amid growing calls in India to boycott Chinese products.
Tensions between the two nations increased when India banned a host of Chinese apps and the Modi government reportedly advised all states to avoid signing any deals with China.
None of these moves has apparently helped India. The country is now dependent on China more than it ever was.