The link between India and Africa is a long ancient one. From centuries there has been a constant stream of people and business between the two land masses separated by the Arabian Sea. Yet in the last century, as Indian and other African countries overthrew the yolk of colonialism and moved forth, the bonds to a great extent seem to have weakened. The trade between India and Africa waned, even as China made a big foray into the African continent. It was only in the past two decade or so, when there was a realisation that the ties between the two need to be strengthened. Having realised it, the government of India took significant steps to boost trade ties, signing up MoUs with various African nations, extending line of credit, providing technological know-how, etc. The result is that the bilateral trade with the continent is up five fold in the last decades from about $12 billion in 2005-06 to $56.7 billion. India’s exports to Africa have increased from $7 billion in the same period to about $25 billion in 2015-16 and that accounts of about 9.5% of India’s total exports. Indian Imports from Africa have increased from $4.9 billion in 2005-06 to $31.7 billion in 2015-16 accounting for about 8.3% of total Indian imports. Today, India is the fifth largest country investing in Africa. The bilateral trade between Africa and India is expected to reach $117 billion by 2021. Some 34 African countries enjoy duty-free access to the Indian market....
Bolstering trade links between India & Africa
Posted on: September 20, 2017
Posted on: September 20, 2017