India-China trade increases by 34% in FY22 defeating Centre's self-reliance goals
- IBEF
- December 15, 2022
As per the data released by the Commerce Ministry, India-China trade increased by 34% to US$ 115.83 billion in 12 months to March 2022, despite Prime Minister Mr. Narendra Modi’s mission to not rely on its neighbour country for cheaper imports.
India-China's trade this year (April-October 2022) amounted to US$ 69.04 billion, according to the ministry. Over the past few years, Prime Minister Mr. Narendra Modi has been trying to lessen India’s reliance on China, which is the biggest source of imports for India. Some curbs were also levied on trade and businesses in 2020, but inspite of them, the imports have increased rapidly which in turn, outperformed the exports.
The data also showed that India’s trade deficit with China, in the first seven months of the current fiscal year, stood at US$ 51.50 billion.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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