With increasing India’s dependence on Chinese industrial goods like telecom, machinery and electronics, Beijing’s share in New Delhi’s imports of such goods rose to 30 per cent from 21 per cent in the last 15 years, according to the report by an economic think tank - Global Trade Research Initiative (GTRI). According to the report, the growing trade deficit with China is a cause of concern and the strategic implications of this dependency are profound, affecting not only economic but also national security dimensions. From 2019 to 2024, India’s exports to China have stagnated at around $16 billion annually, while imports from China have surged from $70.3 billion in 2018-19 to over $101 billion in 2023-24, resulting in a cumulative trade deficit exceeding $387 billion over five years. The government and industries must evaluate and potentially recalibrate their import strategies, fostering more diversified and resilient supply chains, GTRI said. This is imperative not only to mitigate economic risks but also to bolster domestic industries and reduce dependency on single-country imports, especially from a geopolitical competitor like China, it added. (ICE NEW DELHI)

Fonte notizia: Business Line