India’s Efforts to Strengthen Relations with China Amid Uncertain Future, Says Piyush Goyal
Union Commerce and Industry Minister Piyush Goyal announced on Wednesday that India is actively working to rebuild its relationship with China. He emphasized that future engagements remain open, contingent on fair deals and stable geopolitical conditions. Goyal made these remarks at the Bloomberg New Economy event, highlighting India’s willingness to enter joint ventures with any country under the right circumstances.
India’s trade with China has seen significant growth, with bilateral trade reaching $151.10 billion in the fiscal year 2025-26, a 7.9% increase from the previous year. Exports to China surged by 36.62% to $19.47 billion, while imports rose by 16% to $131.62 billion. However, the trade deficit with China widened to $112.16 billion, raising concerns for India. The government has tightened foreign direct investment policies for countries sharing land borders, including China.
Goyal Flags Supply-Chain Vulnerabilities
Goyal addressed the broader geopolitical landscape, stating that partnerships with other nations will be increasingly vital. He reflected on the challenges faced during the Covid-19 pandemic, which highlighted India’s vulnerabilities in securing essential supplies. The minister noted that India provided food grains and vaccines to over 100 countries but struggled to meet its own needs due to disrupted global supply chains. He criticized Western countries for refusing to supply vaccines from Pfizer and Moderna during the crisis, which led to the call for Atmanirbhar Bharat, or self-reliant India.
India and Singapore Discuss Semiconductor Cooperation
At the same event, Singapore’s Deputy Prime Minister Gan Kim Yong mentioned ongoing discussions to bolster India’s semiconductor industry. He highlighted efforts to train and skill the Indian workforce to support semiconductor growth. The India-Singapore trade pact, which has been in effect since 2005, facilitates these discussions. Goyal also spoke about the robust India-US relationship, noting its expansion beyond trade to include defense, technology, and critical minerals, with ongoing negotiations for a bilateral trade agreement.
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