there was an interesting article regarding export/import imbalance between india and china from pallavi aiyar the china specialist of the hindu newspaper.

i reproduce relevant sections below.
Indian exports to China continued to rise, seeing an almost 30 per cent year-on-year increase in the January-June period this year. However, this increase was outpaced by Indian imports from China which scaled up by close to 65 per cent to touch $10.24 billion. What is truly a matter of concern from the Indian point of view, however, is not the level of Indian exports to China but rather the composition of those exports. India’s exports to China are overwhelmingly dominated by low-value, primary products with an outsized reliance on iron ore. In 2006, ores, slag and ash comprised more than 50 per cent of India’s exports to the mainland, a trend that has remained unaltered over the last few years. Despite Indian trade officials repeatedly expressing concern over the lopsided nature of this export composition, in the first six months of this year iron ore continued to account for half of the total exports to China.

hidden in these alarming statistics is the alarming trend at ground level in india. our forests, villages, rivers etc are being mined for raw materials and a significant portion is being exported to china just as raw materials.

there is a huge impact of these mining and on top of that you put those raw materials onto ship onto china then it is a disaster. disaster because only middle men and hench men who mine illegally and unsustainably will benefit because raw materials always come cheap whereas processed materials and products comes expensive, which means that there is no environmental mitigation, no trickle down effect to local population who live near mines, no control on mining and finally no medium to long term planning on economics and environment.

this case illustrates vividly how skewed india's fake development is. development wherein our natural resources are looted with benefits being pocketed by a few middle men and of course which adds to our 'gdp' tally for our honorable finance minister to tell that india's poverty is plunging!!!(india's development means unsustainable, illegal and indiscriminate mining of our mining areas and lot of forest areas. above picture from bellary mine)
(no end to end mining policy/control/regulation means that most of iron ore mined goes to china with profits pocketed by henchmen and middlemen with even mining workers families and children living in abysmal conditions)