The central government also made changes in the rules to keep Chinese companies away from investing in the country and the contracts awarded to Chinese companies were also canceled. But do you know how much business India has from China? We will tell you what is imported from China and in what quantity.
How much is the business from China? According to a report by PTI, China accounts for 14% of India's total imports. The most incoming items from China in India include mobile phones, telecom equipment, power, plastic toys and pharmaceutical supplies. In 2019-20, India came less than China. It also reduced India's trade deficit to $ 48.66 billion. According to official figures, in 2019-20, India sent a total of $ 16.6 billion in goods to China, while importing goods worth $ 65.26 billion. Prior to this, India's trade deficit with China was $ 63 billion in 2017-18 and $ 53.56 billion in 2018-19.
What came from China in 2019-20 - Chemical products: $ 1.2 billion - Medical, optical, photography equipment: $ 1.34 billion - Iron and steel items: $ 1.58 billion - Fertilizers: $ 1.82 billion - Plastics and related goods: 2.71 Billion Dollars - Organic Chemicals: $ 7.97 Billion - Nuclear Reactors, Boilers & Machinery: $ 13.32 Billion - Electricals & Electronics: $ 19.1 Billion.
India can compete with China According to a report by the country's largest bank SBI, it can definitely compete with China in terms of services. In fact, India exports telecommunications, computers and information services on a much larger scale than China. The report noted that in view of security reasons, the center has banned 59 mobiles belonging to China, which is an opportunity for Indian tech companies.
Chinese Investment Proposals The Government of India is considering about 50 investment proposals involving Chinese companies under its new screening policy. Only after the green signal from the government, these companies will get approval to go ahead. Under the new rules announced in April, companies located in neighboring countries (bordering India) need government approval to invest here. Industry officials say the decline in bilateral relations between the two countries comes last month due to border clashes. The current 50 investment proposals may take even longer after this conflict.
