At the Bloomberg New Economy forum in New Delhi on Wednesday, Commerce Minister Piyush Goyal told reporters that India is actively working to mend ties with China, stressing that any joint venture would hinge on fairness and geopolitical stability.
India’s imports from China rose 16% to $131.62 billion, pushing the trade deficit to $112.16 billion, while the country’s exports to Beijing climbed 36.62% to $19.47 billion last fiscal year.
The minister also flagged India’s tightened foreign‑direct‑investment rules for land‑border nations, noting that Beijing now faces stricter scrutiny amid rising concerns over strategic sectors.
Goyal cited the pandemic as a wake‑up call, recalling how shortages of personal protective equipment and vaccines exposed supply‑chain fragilities, prompting Prime Minister Narendra Modi to launch the Atmanirbhar Bharat initiative.
In a sideline comment, Singapore’s Deputy Prime Minister Gan Kim Yong outlined a joint semiconductor programme aimed at training Indian engineers, a move that dovetails with the 2005 India‑Singapore trade pact that has already ushered in significant technology exchange.
He also reaffirmed India’s commitment to a deepening partnership with the United States, describing it as encompassing defense, critical minerals and people‑to‑people ties, and noting that a bilateral trade agreement is still under negotiation.