Team Adda247 and BankersAadda are here with a Current Affairs Special Series for SBI and IBPS interview 2021. In this series, candidates will be introduced to current affairs topics on daily basis, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs Topic is China Regains its position as India’s Top Trade Partner in 2020.
China Regains Top Trade Partner to India: Current Affairs Special Series
China is regaining its position as India’s top trade partner in 2020 amid coronavirus pandemic and tension on border conflict between two nations. China has almost 40 million US dollar trade in 2020 which making it India’s largest trade partner.
India and China have two-way trade stood at 77.7 billion US dollars last year, according to the Indian commerce ministry. It is lower than the previous year’s 85.5 billion US dollar, but it is good enough to make China the top trade partner displacing the USA. Total imports from China stood at 58.7 billion dollars which is more than India’s combined purchases from the U.S.A. and the U.A.E., which are second and third respectively. Heavy machinery imports have almost more than 51 percent of India’s purchase from its neighbor. India managed to decrease its imports from its Asian neighbor amid demand disruptions caused by the coronavirus pandemic. PM Modi government had banned hundreds of Chinese apps; slowed approvals for investments made the bilateral trade gap with China at almost 40 billion dollars in 2020, India relies heavily on Chinese-made telecom equipment, heavy machinery, and home appliances.
The tense relations between India-China are weighing on India’s determination to bolster its manufacturing capabilities and promoting local manufacturing by PLI (product linked incentive) program. Some economist believes that, the PLI schemes will take at least 4 to 5 years to create capabilities in specific manufacturing sectors.
President: Xi Jinping
Currency: Chinese Yuan