Congress leader Jairam Ramesh on Wednesday criticised the Narendra Modi government over India’s latest trade figures, alleging that the country’s economic policies have resulted in greater dependence on China even as trade relations with the United States have failed to deliver expected gains.
In a statement, Ramesh pointed to official trade data for 2025-26, noting that India’s goods trade surplus with the United States stood at $34.4 billion, down from $40.1 billion in 2024-25.
At the same time, India’s goods trade deficit with China widened to $112.2 billion from $99.2 billion in the previous financial year.
Using the figures to attack the government’s economic strategy, the Congress leader coined a sharp political slogan, saying, “Modinomics = Appeasement of USA Capitulation to China.”
Ramesh argued that the contrasting trends in India’s trade balance with its two largest trading partners reflected weaknesses in the government’s economic and trade policies.
According to him, while the surplus with the United States had narrowed, the deficit with China had continued to expand, underscoring what he described as growing economic dependence on Chinese imports.
The remarks come amid an ongoing political debate over India’s trade policy, manufacturing competitiveness and supply-chain dependence. The Congress has repeatedly questioned the government’s handling of economic relations with China, particularly in the aftermath of border tensions between the two countries, while also raising concerns over the direction of trade negotiations with the United States.
The Bharatiya Janata Party-led government has maintained that its economic policies have strengthened India’s global position, boosted exports and attracted record levels of investment.
The centre has also highlighted initiatives such as production-linked incentive schemes and efforts to expand domestic manufacturing as part of its strategy to reduce import dependence and integrate India more deeply into global supply chains.
Ramesh’s latest criticism adds to the opposition’s broader attack on the government’s economic record, with trade balances and external economic relations emerging as key points of contention ahead of future political and policy debates.
