In a major development, the bygone financial year 2019-20 witnessed a significant reduction in India's trade deficit with China, with the imports from the dragon nation falling down by as much as seven per cent, reports Times of India.
The fall in Chinese imports led to a contraction in the bilateral trade deficit from $53.6 billion a year ago to $48.7 billion, roughly the same as had been recorded more than six years ago in 2013-14 when Prime Minister (PM) Narendra Modi led Government had taken charge at the Centre.
It should be noted that India trade deficit against China has witnessed a contraction for the second year in a row. In 2017-18, the gap stood at a much higher figure of $63 billion.
It is expected that the Government's decision to pull out of the Regional Comprehensive Economic Partnership (RCEP) is going to further help the nation bridge the gap between its export and import trade with China.
The development comes as a moment of vindication for the Government's efforts in recent times.
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