Indian Westerlies

India's trade dependence on China has been a subject of intense discussion, often focusing on the value of imports and the balance of trade that is heavily tilted against India. We imported around 101.7 Billion USD worth of goods from China during FY23-24 and exported just 16.7 Billion USD worth of goods to China. This  makes China the largest trading partner , and raises some critical questions.  The questions that come to mind are: 1.   Why do we import so much from China? 2.   What do we import from China? Can we avoid these imports? Are there items in our imports for which we are critically dependent on China? 3.   What can we do to decrease imports from China in the medium to long run? What measures are others taking? Would such measures impact us and how? Before we attempt to answer these, we need to analyze what we import from China. Let's dive into it. I have used the  Broad Economic Categories (BEC) classification  as it gives more meaningful analysis of data for our p

(S pecial address at the 5th National Summit on Trade Finance for Inclusive Growth organized by ASSOCHAM on 17th May 2024 at the India Habitat Center) Respected Dignitaries on the dais, Dr Charan Singh, Sri Devendra Sharma, Shri Rajnish Kumar Ji, Sanjeet Singh Sir, and other experts from the industry and trade here, it is indeed a great pleasure to be present here for the 5th national summit on trade finance for inclusive growth. The advantage of coming in last to speak on the podium is that most of the issues that are worth talking about have already been said. So that makes my role easier. However, I would take this opportunity to set context and historical background to where we are coming from, to this moment in trade finance today. I will focus on trust and inclusiveness and how the revolutions in trade finance over centuries have enlarged both trust and inclusiveness in this area and what can we look forward to.  The issue at hand that we are concerning ourselves with today is a