India's Silver Reliance on China Soars, Raising Strategic Concerns

• India imports over 40% of its silver from China, a significant rise from 1/4 a decade ago, indicating growing strategic dependence.
• China's share in India's silver imports surged post-COVID, reaching over 44% in 2020-21 and 42.2% in 2025, solidifying structural reliance.
• Globally, countries like Thailand (41%), UK (36%), Malaysia, Singapore, and Macau also show increasing dependence on China for silver.
• Silver's industrial use, especially in solar (17% of global demand by 2025) and electronics (1/4 of total demand), makes it a critical raw material.
• Potential supply disruptions or price shocks in silver could severely impact India's solar ambitions and broader industrial activities.

Why It Matters: India's rising silver dependence on China, critical for industrial growth, poses significant strategic risks.