China may become India's top trade partner

[lovuian]

http://feeds.bignewsnetwork.com/?sid=8bcd945efd3ca657

China may replace the United States in a few years as India's No. 1 trading partner, with trade hitting $100 billion, a top Indian businessman says.

Saroj Kumar Poddar, president of the Federation of Indian Chambers of Commerce and Industry, said Monday in Beijing that tremendous potentials exist regarding bilateral trade, China Daily reported.

Sino-Indo trade last year hit a record of $18.7 billion, jumping 38 percent year-on-year.

If growth is sustained, bilateral trade soon could overtake Indo-U.S. trade, hovering around $30 billion, said Poddar, who is leading the delegation in China this week.

But Poddar said in order to continue the robust growth, it is crucial to diversify the Indian export basket to manufactured items and processed products.

More than half of India's exports to China now are primary and resource-based products, such as iron ore exports.
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