India has spent years trying to become less dependent on China, but it has been buying more, instead, with trade becoming more unbalanced than ever.
NEW DELHI – To understand India’s trade imbalance with China, look inside Indian factories. Many of the big machines are Chinese, as are the electronic components and materials feeding them. An electric vehicle plant needs rare-earth magnets from China, while Indian drugmakers rely on Chinese pharmaceutical ingredients.
India has spent years trying to become less dependent on its giant neighbor. Instead, it has been buying more.
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