Trade between India and China crossed 100 billion dollars in 9 months
- The trade between India and China has crossed 100 billion dollars (Rs. 8.2 lakh crore) in the last 9 months. 90 percent of this is imported from China. From January to September last year, bilateral trade crossed $100 billion and stood at $103.63 billion (Rs. 8.5 lakh crore).
- Of this, the value of trade imported from China alone was $89.66 billion (Rs 7.35 lakh crore). This is 31 percent more than last year. During the same period, India's exports to China were only $13.97 billion (Rs 1.14 lakh crore).
- This is 36.4 percent less than last year. The bilateral trade deficit stands at $75 billion (Rs. 6.15 lakh crore). It is noteworthy that last year the trade between India and China exceeded 125 billion dollars (Rs. 10.25 lakh crore) and set a new record.
- The country's regulator for genetically modified organisms (GMO), in a meeting on October 18, approved the 'eco-release' of the transgenic mustard hybrid DMH-11 developed by the Center for Genetic Manipulation of Crop Plants (CGMCP) at Delhi University. This paves the way for field trials and seed production before commercial release.
- DMH-11 contains two alien genes isolated from a soil bacterium called Bacillus amyloliquefaciens that enable the breeding of high-yielding commercial mustard hybrids.
- Proponents of GMO-based crop technology say it is necessary to increase domestic oilseed and vegetable oil production. India produces 8.5-9 million tonnes (mt) of cooking oil per year, while importing 14-14.5 mt. The country's edible oil import bill touched $18.99 billion in 2021-22.
- If field studies demonstrate both agronomic traits (higher yield than existing varieties) and environmental and human and animal health safety (including for bees and other pollinators) for DMH-11 mustard, it could lead to commercial approval of India's first mustard. Also, it will lead to commercial approval of India's first GMO food crop, second after Bt cotton.
