Trade with China before 1900 helped the early growth of some of India’s biggest conglomerates, including the Tata group and the Wadia family. More than 50 per cent of global trade in the 1800s involved India or China.

       Recent data on trade between the two countries shows a curious discrepancy. China records billions of dollars more in goods leaving for India, than India records coming in. The gap has risen to $19 billion as of January, show Business Standard calculations based on government data from the two nations (chart 1).

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