Congress cites report to flag trade issues being faced by India

New Delhi, Feb 21 (PTI) The Congress on Friday cited a report prepared by the McKinsey Global Institute to highlight that between 2017 and 2024, Russia's share in India's oil imports increased from just 1 per cent to 30 per cent, and that India's imports from China are rising but its exports to that country are falling.

Congress general secretary in-charge communications Jairam Ramesh said what the McKinsey report suggests very strongly is that world trade networks and value-chains are of paramount importance.

"A recent research report of the McKinsey Global Institute 'Geopolitics and the Geometry of Global Trade: 2025 Update' has some significant findings relevant to India. Between 2017 and 2024, Russia's share in India's oil imports increased from just 1 per cent to 30 per cent. India's imports from China are rising but its exports to China are falling," Ramesh said.

"India's exports to the USA and Europe are increasingly dependent on China. ASEAN appears to have been the main recipient of the US shift away from trade with China. The dependence of the USA on China is shifting with countries like Vietnam now intermediating trade flows between the world's two largest economies," the Congress leader said, citing the report.

"What the McKinsey report suggests very strongly is that world trade networks and value-chains are of paramount importance. As it concludes 'shifting geopolitical geometry may create risks but carefully navigating it may deliver opportunities too'," he said. PTI ASK RC

Source: PTI