Growing India-China Trade Thwarts Modi’s Self-Reliance Drive

(Bloomberg) — India’s bilateral trade with China rose by a third in the year to March, throwing a spanner in Prime Minister Narendra Modi’s drive to wean the South Asian nation from relying on its larger neighbor for cheap imports and promote a thriving domestic industry. 

Total merchandise trade between India and China rose 34% to $115.83 billion in the 12 months through March 2022, according to data from the Commerce Ministry released to parliament last week. Trade between the two nations so far this year — between April and October — stood at $69.04 billion, according to the ministry.