Hindi Chini Bhai Bhai
China regained its position as trade partner to India being the source of country’s biggest source of imports at over USD 65 billion. With a dip in the trade deficit between India and China, the Sino - Indian relationship seems to embark on newer landmark.
Overtaking US,China becomes India’s largest trading partner
With a bilateral trade of USD 86.4 billion in fiscal 2021, China has emerged as India's largest trading partner, overtaking the US in the process, and registering 5.53% growth. China was the only major country to
ost a growth in trade with India in this fiscal when the latter's overall trade declined to USD 684.77 billion. India’s trade deficit with China has declined from USD 53.57 billion in 2018 - 19 to USD 44.02 billion in 2020-21, as stated by Anupriya Patel, Minister of State for Commerce and Industry on August 6, 2021.
Days after a report by the United Nations Conference on Trade and Development (UNCTAD) showed that India’s trade dependence on China and the EU increased in 2023 while it reduced on Saudi Arabia, the commerce and industry ministry refuted the claim saying that the country’s import from China declined 3% in calendar year 2023 over 2022 and exports to both China and the EU rose 7.1% and 2.1%, respectively during the period.
Paytm (Pay Through Mobile) is an Indian electronic payment and e-commerce company valued at US$ 16. But it is very surprising to know that the concept, inspiration, and investment are from China. It is the first Indian company to receive funding from Chinese e-commerce Company Alibaba which has now raised over $625 million.
Hike Messenger is a cross-platform instant messaging service for smartphones. Recently, a new round of funding led by Chinese Internet giant Tencent Holdings and Foxconn Technology Group of Taiwan, valuing the company at about $1.4 billion.
Snapdeal is one of the largest e-commerce companies in India and has now raised $ 1.58 billion (about Rs 10,112 crore) from 23 investors. Its top investors are SoftBank, Kalaari Capital, Nexus Ventures, and eBay Inc. You will be surprised to know, that it’s one of the investors SoftBank Group has the largest shareholder in Chinese e-commerce giant Alibaba Group Holding Ltd.
Ola is a mobile app-based transportation network company. The Chinese car app company 'Didi Chuying (Didi Kuaidi)' has invested in Ola. So far, Ola has raised around Rs. 8200 crores fund through 21 investors.
India's one of the largest online travel companies, MakeMyTrip recently bought the Ibibo Group and bring together the top travel brands like MakeMyTrip, goibibo, redBus, Ryde, and Rightstay under a single umbrella. Naspers (South African Based) and Tencent (Chinese investment holding company) jointly held a 91% and 9% stake in Ibibo respectively. They will become the single largest shareholder in the company.
Flipkart is an Indian e-commerce Company (now owned by Walmart), which was founded in 2007 by two IITians (Delhi) Sachin Bansal and Binny Bansal. Recently, it has raised the biggest ever start-up funding from Tencent Holdings Ltd, eBay Inc., and Microsoft Corp.