New Delhi: "Modinomics" is equal to "appeasement of the US" plus "capitulation to China", the Congress said on Wednesday as it took a swipe at the Modi government over India's trade surplus with the US and increasing trade deficit with China.
Congress general secretary Jairam Ramesh said in a post on X that India's goods trade surplus with the US in 2025-26 was USD 34.4 billion as compared to USD 40.1 billion in 2024-25.
India's goods trade deficit with China in 2025-26 was USD 112.2 billion as compared to USD 99.2 billion in 2024-25, he said.
"Modinomics = Appeasement of USA + Capitulation to China," Ramesh said.
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India's exports to China rose 36.66 per cent to USD 19.47 billion during the last fiscal year while imports increased 16 per cent to USD 131.63 billion. The trade deficit swelled to an all-time high of USD 112.6 billion in 2025-26 as against USD 99.2 billion in 2024-25.
India and the US are negotiating a bilateral trade agreement (BTA). US Trade Representative Jamieson Greer is here to hold talks with Commerce and Industry Minister Piyush Goyal on the interim trade pact.
The US is the second-largest trading partner of India in 2025-26.
India's outbound shipments to the US grew marginally by 0.92 per cent to USD 87.3 billion during the last fiscal year despite high tariffs, while imports increased 15.95 per cent to USD 52.9 billion. The trade surplus declined to USD 34.4 billion in 2025-26 from USD 40.89 billion in 2024-25.
