India’s trade with Taiwan in the calendar year 2008 registered a total of US$5.34 billion, an increase of 9.5% as compared to 2007. In 2007, bilateral trade between the two sides had risen 80% to reach US$4.8 billion. In 2008, Indian exports to Taiwan declined year-on-year at a rate of -7.8%, to touch US$2.33 billion as compared to US$2.53 billion in 2007. Taiwanese exports to India in 2008 grew at a rate of 28.41% to reach US$3 billion. In 2008, India recorded a trade deficit of US$669 million with Taiwan, as against a trade surplus of US$159 million in year 2007 Major Indian exports to Taiwan include Waste Oil and Naptha, Cereals, Cotton, Organic Chemicals, Copper, aluminum and Food Residues. In 2019, India - Taiwan trade volume was US$7 billion, growing at a rate of 20% YoY. Major Taiwanese exports to India include integrated circuits, machinery and other electronic products. India is also keen to attract Taiwanese investment particularly in hi-tech and labour-intensive industries. More than 80 Taiwanese companies and entities currently have a presence in India. Some of the companies include Hon Hai Precision Industry Co (FoxConn), Sanyang Corporation, Gigabyte Technologies, Continental Engineering, CTCI, Apache and Feng Tay (shoes), Wintek Corporation, Delta Electronics, D-Link, Meita Industrials, Transcend, MediaTek, etc. While bilateral trade has experienced significant growth in recent years, Taiwanese investment in India has been affected by cultural and linguistic barriers and reticence on part of Taiwanese businesses. While the ROC and India are two of Asia's leading democracies, both with fairly close ties to the United States and Europe, both sides continue to lack formal diplomatic relations. However, the two governments maintain unofficial ties with each other. According to some sources, Buddhism is the most widely practiced religion in Taiwan, usually alongside elements of Daoism, and Bollywood films have in recent years gained a reasonably popular following, along with other aspects of Indian culture such as yoga, cuisine and Indian dance.