Current State of Indian Economy Trade Deficit ▪ According to data released by the Ministry of Commerce and Industry India is Trade deficit with 9 out of its top 10 trading partners in the Financial Year 2023-24. ▪ China has emerged as India's largest trading partner with $118.4 billion in 2023-24. ▪ China surpassed U.S which was the top trading partner of New Delhi during 2021-22 and 2022-23. ▪ India has a free trade agreement with four of its top trading partners — Singapore, the UAE, Korea and Indonesia. ▪ China, USA, UAE, Russia, and Saudi Arabia are India’s top trading partners.
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